SPAC Digital World surges as Trump Media deal closes, set to trade Tuesday

SPAC Digital World Acquisition (NASDAQ:DWAC) jumped 26% as its deal to merge with former President Donald Trump's media company officially closed and it will begin trading on Tuesday.

The newly combined company will begin trading on the Nasdaq on Tuesday under the ticker "DJT," according to a statement on Monday. The deal closes after DWAC shareholders voted on Friday to approve the combination with Trump Media & Technology Group. TMTG, as a publicly traded company, will continue to be led by Chief Executive Officer, Devin G. Nunes, and its existing management team.

Trump Media & Technology Group, which owns the Truth Social platform, is going public through a long-delayed deal with DWAC. Last month DWAC finally received SEC approval for its business combination. The SPAC had been trying to acquire Trump's media company for over two years.

Shares of Digital World (DWAC) have surged 162% this year on hopes that the long-delayed combination was set to be completed and as Trump won several primaries to become the Republican candidate for president. The stock is down more than 50% from highs from more than two years ago in early March 2022.