Why Digital World Acquisition Stock Was a Winner on Wednesday
Digital World Acquisition's (NASDAQ: DWAC) share price improved by 17% Wednesday on news that the company had reached a potential settlement with a U.S. regulator. That was in sharp contrast to the S 500 index, which slumped by 0.2%. The company aims to become the corporate vehicle for former President Donald Trump's Trump Media Technology Group (TMTG).
Digital World Acquisition divulged in a regulatory filing that it has reached an agreement in principle with the Securities and Exchange Commission's (SEC) Division of Enforcement.
In the special purpose acquisition company's words, the SEC had been investigating "certain statements, agreements and the timing thereof... in connection with its initial public offering." The regulator is particularly concerned about these in relation to the long-planned, and highly anticipated, merger of the company and TMTG.
Source Fool.com
