Trump Social-Media SPAC Rallies After SEC Settlement

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Trump Social-Media SPAC Rallies After SEC Settlement

Shares of Digital World Acquisition Corp. are surging after the special-purpose acquisition company said it would pay an $18 million fine to settle an investigation by securities regulators.

DWAC’s stock was up 18% in Wednesday afternoon trading.

The SPAC trying to take former President Donald Trump’s social-media company public made the disclosure in a regulatory filing. If the settlement with the Securities and Exchange Commission is approved, DWAC said it will amend its registration statement to make sure the document is “materially complete and accurate and consistent with the findings.” The company will also pay the fine to the SEC “promptly after the closing of any merger or a comparable business combination or transaction.”

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