: Stock of SPAC looking to take Trump Social public rises in wake of Donald Trump’s indictment

Shares of Digital World Acquisition Corp. DWAC, the special-purpose acquisition company (SPAC) looking to take Donald Trump’s Trump Social public, rose 0.9% in premarket trading Friday, after the former president said he’s been indicted in the federal investigation into classified documents. Trump has been summoned to appear in federal court on June 13. After Trump was found liable for sexual abuse and defamation on May 9, the SPAC’s stock rose 3.6%, and climbed 7.5% over three days to close May 11 at $13.93, before pulling back. A merger with Digital World Acquisition and Trump Media & Technology Group has been in the works since October 2021. Earlier this week, Digital World Acquisition said its board of directors approved an extension for when the company would be required to close a merger to Sept. 8, 2023 from June 8. The SPAC’s stock has tumbled 70.4% over the past 12 months through Thursday, while the S&P 500 SPX has gained 6.9%.

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