DWAC shares soar as merger with Trump social media company appears closer

• Shares of Digital World Acquisition Corp. climbed more than 15% after a Securities and Exchange Commission ruling on its proposed merger with Trump Media and Technology Group.
• DWAC said that this week it will announce a date for shareholders to vote on the merger.
• DWAC began merger talks with Trump's media group in October 2021, but it has been pushed back several times after challenges including investigations by the U.S. Department of Justice and SEC.

Shares of Digital World Acquisition Corp. jumped 15% on Thursday morning after the special purpose acquisition company announced Wednesday night that it is close to completing its proposed merger with Trump Media and Technology Group, former President Donald Trump's social media company.

The Securities and Exchange Commission declared the registration statement for DWAC's combination with Trump's media group to be effective after markets closed Wednesday.

DWAC said that this week it will announce a date for shareholders to vote on the merger in light of approval for the S-4 Form.

"We are immensely proud of the strides we've taken towards advancing the business combination. ... This achievement marks a significant milestone for us," DWAC CEO Eric Swider said in a press release.

That SPAC first began merger talks with Trump's media group, which operates the Truth Social platform, in October 2021.

But the proposed combination has been pushed back several times amid challenges that included investigations by the Department of Justice and the SEC.

Last June, Florida investor Michael Shvartsman and two other men were charged in New York federal court with insider trading related to the merger.

Shvartsman last week was hit with a new money laundering count related to transfers