RTTNews | Oct 21, 2021 11:35AM EDT

11:35 Thursday, October 21, 2021 (RTTNews.com) - Shares of Digital World Acquisition Corp. (DWAC) are surging nearly 90% on Thursday morning after the publicly listed shell company said it would merge with a business owned by former U.S. President Donald Trump to create a new social media app called TRUTH Social.

DWAC is currently trading at $18.70, up $8.74 or 87.74%, on the Nasdaq.

In an SEC filing, Trump Media & Technology Group said it has agreed a merger deal with Digital World Acquisition that will result in Trump Media & Technology Group becoming a publicly listed company.

The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earnout of $825 million in additional shares.

Trump Media & Technology Group's growth plans initially will be funded by DWAC's cash in trust of $293 million.

Trump Media will soon be launching the TRUTH Social, which is now available for Pre-Order in the Apple App store.

TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A nationwide rollout is expected in the first quarter of 2022.

Read the original article on RTTNews ( https://www.rttnews.com/3234563/digital-world-acquisition-shares-soar-90-on-merger-deal-with-donald-trump-s-social-media-biz.aspx)

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