Trump's TMTG Names Rep. Devin Nunes CEO as DWAC is Being Probed by SEC

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Devin Nunes, a representative for California's 22nd congressional district, noted plans to retire from Congress and reports are that he will head up Trump's social media company Trump Media & Technology Group. A major announcement for the company that had previously given out little to no information and is said to be merging with Digital World Acquisition Corp. (DWAC). 

This comes on the heels of two other major newsworthy items for DWAC today:

• disclosure in an 8-K that they are being probed by SEC for potential violations
• filed an investor presentation on the heels of announcing a $1B PIPE over the weekend

Still not a ton of detail on how exactly the company aims to hit on its visions (there are a ton of literal "?s" in the presentation) but they are projecting 81M users and over $3.5B in revenue by the end of 2026. 

DWAC is still trading at a massive premium closing the day at $43.80 and up in after-market trading on the Nunes news.

Elsewhere in SPACs

Pathfinder Acquisition (PFDR) and Service Max mutually agreed to terminate their SPAC deal citing weaker market conditions. This marks the 6th SPAC deal to be terminated since just November. 

Vickers Vantage Corp I (VCKA) entered into an LOI to take Scilex Holding Company public. Scilex is a subsidiary of Sorrento Therapeutics (SRNE). The transaction values the biopharma at over $1B. VCKA barely moved on the day, slightly down. 

Hagerty, Inc. (HGTY) fell 2.69% on its first day of trading as HGTY following completion of its SPAC deal with Aldel Financial Inc. (ADF). Shares are still well above $10 at $15.20. 

CBRE Acquisition Holdings (CBAH) shareholders approved its merger with Altus Power. Deal will close on 12/9 and trade as AMPS on 12/10. The company is allowing redemption withdrawals by 12/8. CBAH closed at $10.03.

Speaking of the SEC, Lucid Group (LCID) is facing its own SEC probe. Shares took a 5% tumble. 

Vote Calendar

4 SPACs left that are set to vote this week. Of course that is subject to change, as PFDR was supposed to vote this week as well. Be careful out there. 

Dec 06 | $ 10.03 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 9.94 | DGNS - DRAGONEER GR OP --> CVENT
Dec 07 | $ 11.25 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 07 | $ 8.74 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 08 | $ 9.53 | CFV - CF Acquisition Corp. V --> Satellogic

Today's Price Action

Biggest Gainers

8.72% ~ $ 12.34 | ESSC - East Stone Acquisition Corporation (Announced)
6.72% ~ $ 12.70 | CFVI - CF Acquisition Corp. VI (Announced)
4.63% ~ $ 9.94 | DGNS - DRAGONEER GR OP (Announced)
4.34% ~ $ 9.86 | DMYQ - dMY Technology Group, Inc. IV (Announced)
3.12% ~ $ 11.25 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
2.76% ~ $ 10.78 | CND - Concord Acquisition Corp (Announced)
2.46% ~ $ 9.99 | GIG - GigCapital4, Inc. (Announced)
2.36% ~ $ 9.97 | TPGS - TPG Pace Solutions Corp. (Announced)
2.13% ~ $ 10.07 | TRON - CORNER GROWTH ACQUISITION CORP. 2 (Pre-Deal)
2.09% ~ $ 12.20 | GGPI - Gores Guggenheim, Inc (Announced)
1.44% ~ $ 9.84 | NFYS - Enphys Acquisition Corp. (Pre-Deal)
1.40% ~ $ 12.27 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
1.23% ~ $ 9.85 | RACB - Research Alliance Corp. II (Pre-Deal)
1.22% ~ $ 9.95 | DMYS - dMY Technology Group, Inc. VI (Pre-Deal)
.93% ~ $ 9.79 | SLVR - SILVERspac Inc (Pre-Deal)
.91% ~ $ 9.99 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
.82% ~ $ 9.83 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
.78% ~ $ 10.39 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
.63% ~ $ 9.91 | ALCC - AltC Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.76 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)

Biggest Losers

-10.75% ~ $ 11.46 | FSII - FS Development Corp. II (Announced)
-4.44% ~ $ 11.40 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-3.73% ~ $ 9.53 | CFV - CF Acquisition Corp. V (Announced)
-3.14% ~ $ 9.86 | AVAC - Avalon Acquisition Inc. (Pre-Deal)
-2.58% ~ $ 43.81 | DWAC - Digital World Acquisition Corp. (Announced)
-2.00% ~ $ 9.80 | LCW - Learn CW Investment Corp (Pre-Deal)
-1.34% ~ $ 10.30 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-1.32% ~ $ 9.69 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-1.26% ~ $ 9.71 | SAMA - Schultze Special Purpose Acquisition Corp. II (Pre-Deal)
-1.02% ~ $ 9.70 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-1.01% ~ $ 9.80 | SWSS - Springwater Special Situations Corp. (Pre-Deal)
-.92% ~ $ 9.70 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)
-.92% ~ $ 9.72 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-.82% ~ $ 9.70 | ABGI - ABG Acquisition Corp. I (Pre-Deal)
-.81% ~ $ 9.83 | SGII - Seaport Global Acquisition II Corp. (Pre-Deal)
-.80% ~ $ 9.92 | SPK - SPK Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.71 | TIOA - Tio Tech A (Pre-Deal)
-.71% ~ $ 9.76 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
-.71% ~ $ 9.85 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-.70% ~ $ 9.86 | ADEX - ADIT EDTECH ACQUISITION CORP. (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)