Digital World Acquisition (NASDAQ:DWAC) stock is on the move Tuesday after the company announced a new deadline for June 8, 2023.
That new deadline is how long the company has to complete its merger with former President Donald Trump’s social media company Truth Social. The company’s prior deadline before this was March 8.
Investors will note that Digital World Acquisition has been pushing off this merger for some time now. The current deadline extension is the third time the company has pushed back the date. Also, it’s the third of four deadline extensions the company is allowed to use.
Patrick Orlando, CEO of Digital World Acquisition, said the following in a press release:
“As a result of the support from the stockholders which provided for up to four three-month extensions to provide additional time to continue working diligently on the potential business combination, we are happy to exercise the third of such three-month extensions.”
DWAC Stock Movement Today
Following news of the extension, shares of DWAC stock are down slightly. That comes alongside weak trading of the company’s shares. As of this writing, more than 44,000 shares of the stock have changed hands. That’s nowhere close to its daily average trading volume of about 492,000 shares.
Investors seeking more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.