SPAC tied to Trump’s media venture seeks investor support -sources

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Nov 8 (Businesshala) – Digital World Acquisition Corp (DWAC.O) is offering potential investors its special purpose acquisition company (SPAC) to support private investment in public equity (PIPE) transactions, the social media venture of former US President Donald Trump Supporting merger with People familiar with the matter said this on Monday.

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Sources said the talks are at an early stage and hedge fund investors were roped in to invest in the past few days.

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He said DWAC aims to sell PIPE at more than $10 a share. Most PIPEs for special purpose acquisition companies are sold at $10 per share.

DWAC has seen its stock rise nearly 500% since the announcement of its link with Trump’s Truth Social Venture Network.

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Digital World and Trump Media & Technology Group were not immediately available for comment.

Trump and other Trump Media & Technology Group shareholders will initially own 69% of the combined company after a merger with the Miami-based blank-check firm, a regulatory filing showed last month.

Businesshala previously reported on DWAC’s fundraising plans.

Reporting by Uday Sampath and Jubi Babu in Bengaluru; Editing by Sherry Jacob-Phillips and Kenneth Maxwell

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