RTTNews | Dec 2, 2021 10:12AM EST

10:12 Thursday, December 2, 2021 (RTTNews.com) - Digital World Acquisition Corp. (DWAC) shares are trading more than 12 percent on Thursday morning trade on Wednesday's report that the blank check company will merge with a media property and the combined entity will raise up to $1 billion. According to Reuters, the special purpose acquisition company or SPAC will raise funds from hedge funds and others in private investment in public equity or PIPE.

On closing of the investment, the valuation of the new social media venture by former President Donald Trump is expected to increase to around $3 billion. Earlier in October, the Digital World Acquisition has signed a merger agreement.

Currently, shares of the publicly listed shell company are at $50.61, up 14.11 percent from the previous close of $44.35 on a volume of 4,545,589. The shares have traded in a range of 49.84-$175.00 on average volume of 21,692,972.

Read the original article on RTTNews ( https://www.rttnews.com/3246509/digital-world-acquisition-zooms-after-trump-s-social-media-venture-seeks-to-raise-1-bln.aspx)

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