Trump stock DWAC gains on report of efforts to raise $1B PIPE, related SPACs BENE, PHUN also rise
Dec. 01, 2021 3:59 PM ETDigital World Acquisition Corp. (DWAC), BENE, PHUNBy: Joshua Fineman, SA News Editor181 Comments
- Update 6:11pm: Adds other Trump-related stocks moving in after hours.
- Trump-related SPAC Digital World Acquisition Corp. (NASDAQ:DWAC) rose 7% in after-hours trading on a report that it's working to raise up a $1B in a private investment in public equity or PIPE deal.
- Trump Media & Technology Group is trying to raise as much as $1B in a PIPE transaction, according to a Reuters report. The additional funding would value the new entity at close to $3B. The original SPAC deal between Trump Media and DWAC valued Trump Media at $875M.
- Trump Media is looking to secure a PIPE that would value DWAC close to its current share price of around $40/share, according to Reuters, which cited people familiar. Trump Media has asked investors to finalize commitments for PIPE investment by the middle of the month.
- Bloomberg reported earlier this month that DWAC was said to have started scheduling meetings with investors for a PIPE deal to support its combination with Trump Media & Technology Group.
- Trump sister SPAC Benessere Capital Acquisition (NASDAQ:BENE) the SPAC that is run by Patrick Orlando, who is also behind the Trump's media deal with DWAC, rose 6.3% in after hours trading. Benessere warrants rose 16%. Application software company Phunware Inc. (NASDAQ:PHUN) , which has previously had ties to Donald Trump's campaign, jumped almost 35% in the after hours.
- Last week, SPAC Benessere Capital (BENE) agrees to deal to take hydrogen supplier eCombustible public.
- Earlier this month, Sen. Warren wants SEC to investigate Trump SPAC deal.
- Recall Oct. 21, Ex-president’s new firm aims to take on all of Big Tech and Big Media at once.