Trump’s company files for resale of 100 million shares

•Shares of the company fell 5.6% to $42.39 

Digital World Acquisition Corp (DWAC.O), a special acquisition company (SPAC) linked to former US President Donald Trump, filed for a resale of up to 100 million shares by existing investors, on Friday.

The news was first reported by Reuters after the US Securities and Exchange Commission (SEC) filing listed around four dozen investors. These names included Greywood Investments, Evergreen Capital Management and DSN Ventures.

The SEC and the Financial Industry Regulatory Authority (FINRA) are probing the deal.

Shares of the company fell 5.6% to $42.39 after the SPAC also said it will not receive any proceeds from the offering.

In October 2021, Trump Media & Technology Group Corp (TMTG) merged with Digital World Acquisition. The deal is expected to close in the second half of this year, the companies have said.

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Source: Reuters