Trump Media merger partner DWAC soars 50% after SEC fraud settlement
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The social media app will be developed by Trump Media and Technology Group (TMTG). Rafael Henrique | LightRocket | Getty Images Shares of Digital World Acquisition Corp. — the shell company seeking to take former President Donald Trump 's social media platform public — soared more than 50% on Friday following the company's announcement that it had settled fraud charges with the Securities and Exchange Commission for $18 million . This surge brought DWAC's stock to $20.08, still a far cry from its highs above $95 in March of last year. DWAC is a special purpose acquisition company, or SPAC, that announced plans to merge with Truth Social parent company Trump Media & Technology Group in October 2021 . The merger has since faced numerous delays. DWAC's SEC settlement dictates that the company must pay an $18 million civil penalty fee if it merges with TMTG and takes the company public. But if the merger does not occur before the Jan. 1, 2025, deadline, a