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Digital World Acquisition (DWAC) Soars on Trump's SPAC Deal

In what's being called the "MAGA Lucid", DWAC is getting the meme stock treatment, soaring over +350% in trading today.

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The SPAC world got a shocking piece of late-night news on Wednesday when it was subtly announced (via obscure press release) that a newly created media and technology company by Donald Trump would be going public via SPAC. The announcement, and corresponding company overview, provided little details on neither the actual operations of the Trump Media & Technology Group (TMTG) nor its transaction with Digital World Acquisition Corp (DWAC).

We were hoping to get more clarity today, which did not come. However, at least DWAC effectively confirmed the deal via filing an 8-K with the SEC. That did not stop DWAC from going on a WILD ride in the market today. The common equity soared over +356% to close at $45.5 (!), bringing back memories of the days where Lucid Motors would run wild.  

dwace

The warrants, a riskier security, soared +2,071% to close at $11.29, and are up another +75% in after-hours as of this writing. While it was somewhat expected for the retail/reddit crowd to get behind the name, I'm not sure anyone expected these moves. 

Either way, there still is little to no information on the deal or company. This could very well end poorly for those investors who have bought in near these levels. Then again, in today's markets, who knows? We'll be on the lookout for more information about how TMTG+ is going to take down Netflix. 

Elsewhere in SPACs

Yes, there was other news today 😂

The SPAC IPO is back, with another slew pricing today. Although there wasn't much price movement to mention, we're hearing that IPO demand is back and allocations are getting slimmer. 

Big Cypress Acquisition Corp. (BCYP) approved its merger with SAB Therapeutics. It expects to close tomorrow and begin trading as SABS on 10/25.  

Seaport Global Acquisition (SGAM) reported 89% redemptions in their merger vote on Redbox, leaving just ~$16M in trust + $50M PIPE. Shares rocketed +33% to close at $12.80. Gamma squeeze?

Today's Price Action

Biggest Gainers

356.83% ~ $ 45.50 | DWAC - Digital World Acquisition Corp. (Announced)
32.92% ~ $ 12.80 | SGAM - Seaport Global Acquisition Corp (Announced)
9.57% ~ $ 12.82 | TDAC - Trident Acquisitions Corp (Announced)
6.88% ~ $ 10.87 | AGC - Altimeter Growth Corp. (Announced)
5.24% ~ $ 10.45 | BCYP - Big Cypress Acquisition Corp. (Announced)
1.49% ~ $ 10.20 | GGPI - Gores Guggenheim, Inc (Announced)
1.47% ~ $ 10.38 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
1.39% ~ $ 10.19 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
1.30% ~ $ 10.14 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
1.27% ~ $ 10.33 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.03% ~ $ 9.80 | SCOB - ScION Tech Growth II (Pre-Deal)
.99% ~ $ 10.22 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
.89% ~ $ 10.20 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
.72% ~ $ 9.78 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.72% ~ $ 9.83 | AAC - Ares Acquisition Corporation (Pre-Deal)
.69% ~ $ 10.18 | FTCV - FinTech Acquisition Corp. V (Announced)
.69% ~ $ 9.79 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
.62% ~ $ 9.75 | PFTA - PORTAGE FINTECH ACQUISITION CORP. (Pre-Deal)

Biggest Losers

-4.17% ~ $ 9.20 | KURI - Alkuri Global Acquisition Corp. (Announced)
-2.10% ~ $ 9.79 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-1.70% ~ $ 9.83 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-1.22% ~ $ 9.70 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-.92% ~ $ 9.69 | TIOA - Tio Tech A (Pre-Deal)
-.92% ~ $ 9.70 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-.92% ~ $ 9.71 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-.92% ~ $ 9.74 | LEGA - Lead Edge Growth Opportunities, Ltd (Pre-Deal)
-.89% ~ $ 9.99 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.96 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
-.70% ~ $ 9.87 | OCAX - OCA Acquisition Corp (Pre-Deal)
-.65% ~ $ 9.97 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
-.61% ~ $ 9.73 | SHQA - Shelter Acquisition Corporation I (Pre-Deal)
-.54% ~ $ 12.81 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.51% ~ $ 9.69 | PLMI - Plum Acquisition Corp. I (Pre-Deal)
-.51% ~ $ 9.70 | POND - Angel Pond Holdings Corp (Pre-Deal)
-.51% ~ $ 9.72 | EQHA - EQ Health Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.75 | PANA - Panacea Acquisition Corp. II (Pre-Deal)

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