The jump in stock price came after details of the company’s deal with the SEC were released Thursday evening.
Topline
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.Key Facts
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 said the company had misled investors by “failing to disclose” that it had a plan and was working to acquire Trump Media & Technology Group Corp.
