Digital World's (NASDAQ: DWAC; DWACW) shares are seeing a lot of action in the recent past and will likely continue to do so in the future as well.
The company is also facing an
investigation. Kaplan Fox & Kilsheimer LLP is investigating claims on
behalf of Digital World Acquisition Corp investors. On September 8, 2021,
Digital World announced the closing of its IPO (Initial Public Offering) of 25
million units at $10 for each unit.
A few days after, on October 21,
2021, there was news that Digital World had entered into a deal to merge with
Trump Media & Technology Group ("TMTG"). Soon after that news
broke, the price of Digital World shares rose by nearly 357% and closed at
$45.50 per share. The next day, it continued to increase by more than 100% and closed
at $94.20 per share.
Fast forward a few more days, and on
October 29, 2021, an article entitled "Trump's $300 Million SPAC Deal May
Have Skirted Securities Laws" was published by a major media outlet. On
November 1, Digital World's stock declined 6.93% per share and closed at $60.82
per share.
On May 16, 2022, Digital World
disclosed that it received a document request and subpoena from the US SEC
(Securities and Exchange Commission) in connection with an SEC investigation
regarding evaluating potential targets, including TMTG, among other things. The
disclosure was made in the company's Form S-4 filing with the SEC.
On June 13, 2022, major media
outlets unveiled that the SEC investigation had expanded and issued another
subpoena with regard to the planned merger with TMTG. After those news reports,
the stock price of Digital World fell 13.2% and closed at $38.01 for each share
on the same day. It declined further on June 14, 2022, and closed at $27.30 per
share.
On July 12, Digital World
Acquisition Corp (DWAC) shares retreated and ended the day 2.95% lower at
$28.58 per share. The shared had added more than 20% on the previous day. Wall
Street tried to turn positive but couldn't. The three major indexes closed the
day in the red. Right after the opening, equities rose primarily because of a
White House memo noting that the US macroeconomic data, including the June jobs
report, weren't consistent with a recession. The document also stated that the "labor
market strength puts the US in a better position than many other countries to
transition to lower inflation and steady growth."
However, the advance didn't last
long, and stocks fell one hour ahead of the close as fears remained. The US is
expected to report that the June Consumer Price Index has reached 8.8%, which
would be a new multi-decade high.
Some analysts are positive that
energy price pressures have receded in June, so inflation will come down from
its record peak. If you are interested in stock market updates, you can check
this link daily.
Also, know more about Digital World
Acquisition Corp here.
Sources:
https://www.fxstreet.com/news/digital-world-acquisition-corp-stock-news-and-forecast-dwac-retreats-after-20-run-202207121346
https://seekingalpha.com/news/3856912-digital-world-acquisition-leads-financial-gainers-industrial-logistics-properties-trust-horace-mann-educators-among-major-losers
https://www.globenewswire.com/en/news-release/2022/06/22/2467553/1020/en/Digital-World-Acquisition-Corp-Investor-Alert-Kaplan-Fox-Investigates-Potential-Securities-Fraud-at-DWAC.html