Digital World Acquisition (NASDAQ:DWAC) stock is up on Thursday as investors celebrate regulators approving its planned special purpose acquisition company (SPAC) merger with Trump Media & Technology Group.
With this approval, Digital World Acquisition can move forward with plans to act as a vehicle to take Trump Media & Technology Group public. It intends to announce a date for a shareholder meeting in the next couple of days to have them vote on the SPAC merger.
Digital World Acquisition has been seeking to take Trump Media & Technology Group public since October 2021 but regulator delays have kept it from doing so. The merger plan came about when former President Donald Trump launched Truth Social as an alternative social media platform following his time in office.
Trump Media & Technology Group CEO Devin Nunes said the following about the merger update:
“Truth Social was created to serve as a safe harbor for free expression and to give people their voices back. Moving forward, we aim to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech.”
DWAC Stock Movement Today
With this news comes heavy trading of DWAC stock on Thursday. As of this writing, more than 5 million shares of the stock have changed hands. That’s a massive leap over its daily average trading volume of about 2.7 million shares.
DWAC stock is also up 15.9% as of Thursday morning. The company’s shares have also increased 188% year-to-date.
Investors who want even more of the most recent stock market stories will want to stick around!
We have all of the latest market news that traders need to know about on Thursday! Among that is what’s happening with shares of SoundHound AI (NASDAQ:SOUN), QuantumScape (NYSE:QS) and Coinbase (NASDAQ:COIN) stock today. All of that news is ready to go at the links below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
