Digital World Acquisition Corp [NASDAQ: DWAC] stock went on an upward path that rose over 17.79% on Wednesday, amounting to a one-week price increase of more than 6.74%. The company report on March 11, 2024 at 7:50 AM that Court of Chancery of the State of Delaware Held Hearing on United Atlantic Ventures v. Trump Media, Clears Way to Hold Merger Vote.
Digital World Acquisition Corp., a Delaware corporation (“Digital World” or the “Company”)(NASDAQ:DWAC), a direct and wholly owned subsidiary of Digital World (“Merger Sub”), and Trump Media & Technology Group Corp., a Delaware corporation (“TMTG”), entered into an Agreement and Plan of Merger, dated as of October 20, 2021 (as amended by the First Amendment to Agreement and Plan of Merger, dated May 11, 2022, the Second Amendment to Agreement and Plan of Merger, dated August 9, 2023, the Third Amendment to Agreement and Plan of Merger, dated September 29, 2023, and as it may be further amended or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other transactions, Merger Sub will merge with and into TMTG (the “Business Combination”) with TMTG surviving as a wholly owned subsidiary of Digital World. Upon the consummation of the Business Combination, Digital World will change its name to “Trump Media & Technology Group Corp.”
As previously disclosed, on February 28, 2024, United Atlantic Ventures, LLC (“UAV”) filed a verified complaint against TMTG in the Court of Chancery of the State of Delaware (the “Court”) seeking declaratory and injunctive relief relating to the authorization, issuance and ownership of stock in TMTG, which was amended on March 4, 2024 to add TMTG’s directors as defendants. In addition to its complaint filed on February 28, 2024, UAV also filed a motion to expedite proceedings with the Court. On March 6, 2024, TMTG filed an opposition to UAV’s motion to expedite, and UAV filed its response on March 8, 2024.
Over the last 12 months, DWAC stock rose by 209.30%.
The market cap for the stock reached $1.60 billion, with 30.02 million shares outstanding and 28.89 million shares in the current float. Compared to the average trading volume of 3.27M shares, DWAC stock reached a trading volume of 5045109 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Digital World Acquisition Corp [DWAC]:
The Average True Range (ATR) for Digital World Acquisition Corp is set at 4.28 The Price to Book ratio for the last quarter was 6.47, with the Price to Cash per share for the same quarter was set at 0.09.
DWAC Stock Performance Analysis:
Digital World Acquisition Corp [DWAC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.74. With this latest performance, DWAC shares dropped by -4.41% in over the last four-week period, additionally plugging by 173.07% over the last 6 months – not to mention a rise of 209.30% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for DWAC stock in for the last two-week period is set at 53.47, with the RSI for the last a single of trading hit 55.37, and the three-weeks RSI is set at 53.85 for Digital World Acquisition Corp [DWAC]. The present Moving Average for the last 50 days of trading for this stock 39.28, while it was recorded at 38.99 for the last single week of trading, and 21.51 for the last 200 days.
Insight into Digital World Acquisition Corp Fundamentals:
Digital World Acquisition Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.06 and a Current Ratio set at 0.06.
Digital World Acquisition Corp [DWAC] Institutonal Ownership Details
The top three institutional holders of DWAC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in DWAC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in DWAC stock with ownership which is approximately 5.8325%.
