Digital World Acquisition Corp. shares jump 24% after report of $1 billion fundraising target

Shares successful Digital World Acquisition Corp. dwac, a special-purpose acquisition institution that has agreed to merge with a media spot being developed by erstwhile President Donald Trump, accrued much than 24% successful after-hours trading Wednesday, aft a study that the entity is seeking to rise up to $1 billion. Reuters reported conscionable arsenic markets closed Wednesday that 2 "people acquainted with the matter" accidental the entity is looking to rise up to $1 cardinal from hedge funds and others successful a backstage concern tied to the SPAC, known arsenic a PIPE. DWAC shares jumped conscionable earlier the adjacent Wednesday for a 7.2% regular summation to $44.35, past accrued 24.2% successful the extended session. DWAC representatives are trying to merchantability PIPE shares for $30 apiece, which would propulsion the institution to a $3 cardinal valuation, according to the report, which says 1 root attended a caller "roadshow" seeking to drum up backing for the PIPE. Reuters reported that galore Wall Street firms did not be the roadshows, which were alternatively mostly populated by representatives from hedge funds, household offices and high-net-worth individuals, and that attendees were shown a objection of a work called TRUTH Social that resembled Twitter Inc. twtr A tangentially-related stock, Phunware Inc. phun, saw shares leap 40% successful after-hours trading.