The share price of Digital World Acquisition Corp. (NASDAQ: DWAC) has increased by 32.32% during the current trading session, to $48.88. The noteworthy increase in DWAC shares on the US stock exchange seems to have been sparked by the statement that its business combination has been completed.
The Delaware-established companies Digital World (DWAC) and Trump Media & Technology Group Corp. (TMTG) jointly announced today that their corporate merger has been completed. In order to facilitate mergers, capital stock swaps, asset purchases, stock purchases, reorganizations, and other similar corporate amalgamations, Digital World was established as a special purpose acquisition business.
However, in order to counteract the suppression of free speech that large tech corporations participate in, TMTG seeks to establish an open Internet where people may speak for themselves once more. TMTG is in charge of Truth Social, a former presidential candidate of the United States that was created as a haven for free speech in the face of growing repression by large digital companies.
After the merger is finalized, Digital World will function under the name of TMTG, signifying a smooth transition after the business combination. The common stock and public warrants of TMTG are likely to start trading on the Nasdaq Stock Market LLC on Tuesday, March 26, 2024, with the ticker codes “DJT” and “DJTWW,” respectively.
Now as a publicly listed company, TMTG will continue to be led by its current management team, including Devin G. Nunes as CEO. The merger agreement marks a turning point for the media and technology industry as a whole as well as for DWAC and TMTG as a combined organization.
Last week, DWAC shareholders cast their votes in favor of various proposals, including the proposed merger. An overwhelming majority of votes ratified the Business Combination. The agreement injects a $300 million cash infusion into Truth Social, which reported a $10.6 million operational deficit in the first nine months of 2023, against revenues of $3.4 million.
