Sources Say Trump SPAC Digital World Is Nearing a $50 Million Financing Deal

Digital World Acquisition Corp, the blank-check acquisition company that has agreed to take former U.S. President Donald Trump’s social media platform public, is nearing a $50 million financing deal, people familiar with the matter said on Thursday.

The deal, which could be announced in the next few days, is based on convertible notes and will help fund DWAC while it tries to complete its merger with Trump Media & Technology Group (TMTG), owner of social media platform Truth Social, the sources said.

DWAC shares ended trading on Thursday up 4.4% at $47.66 on the news. They are up almost threefold since Jan. 15 — when Trump won the Iowa caucus on his way to the Republican nomination for president — as investors bet that his re-emergence as a major political figure will make Truth Social more valuable.

Read the source article at Street Insider