Blank-check company Digital World Acquisition (NASDAQ:DWAC) has been notified of non-compliance with listing rules by NASDAQ after it failed to file its quarterly report for the period ending June 30, 2023, with the Securities and Exchange Commission.
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DWAC had also failed to file its quarterly report for the period ending March 31. Now, DWAC plans to submit an updated compliance plan to NASDAQ by September 5th.
Despite these challenges, shares of DWAC are rising today after Donald Trump posted for the first time on X since his ban on the platform was lifted last year. DWAC is seeking to merge with Trump Media & Technology Group (TMTG).
The former U.S. President chose the occasion to post a mugshot from his Georgia arrest. For DWAC, September 5th is also the date of a crucial shareholder vote to extend its merger deadline with TMTG by a year. If the extension fails to go through, the Trump SPAC will be liquidated.
DWAC shares have plummeted nearly 52.6% over the past 52 weeks.
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