Tech SPAC Digital World Acquisition Prices Downsized US$250 Million IPO

Special purpose acquisition company Digital World Acquisition Corp. (Nasdaq: DWACU) started trading publicly on the Nasdaq Global Market Friday. The company is seeking to raise US$250 million in its initial public offering.

The offering consists of 25.0 million company units priced at US$10.00 per unit, down from the initial 30.0 million units. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.

The company units trade on the Nasdaq big board under the symbol “DWACU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “DWAC” and “DWACW”, respectively.

The proposed offering is being managed by EF Hutton as the sole bookrunner, which the company granted a 45-day over-allotment option to purchase additional 3.75 million company units at the same IPO price.

The offering is expected to close on September 8, 2021, subject to customary closing conditions.

On its target firms for businesses combination, the blank check company intends to focus on “middle-market and emerging growth technology-focused companies in the Americas, in SaaS and technology or fintech and financial services.”

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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