The stock of Digital World Acquisition Corp.—a special purpose acquisition company that had plans to merge with the company behind former President Donald Trump’s Truth Social— jumped more than 30% at times in after-hours trading Thursday after details about its $18 million settlement with the Securities and Exchange Commission were released.
The stock of Digital World Acquisition Corp.—a special purpose acquisition company that had plans to ... [+]
Digital World Acquisition Corp. (DWAC) closed Thursday at $13.36—down about 2%—but saw a jump to $17.31 by 5:30 p.m.
The Nasdaq-listed blank check firm that agreed to acquire Truth Social’s parent company and take it public announced earlier this month that it would pay a civil penalty of $18 million to settle an SEC probe, but details of the settlement weren’t made clear.
In a release Thursday, the SEC made clear the company had misled investors with its disclosures by “failing to disclose” that it had a plan and was working to acquire Trump Media & Technology Group Corp., the parent company of Truth Social.