Digital World Acquisition (NASDAQ:DWAC) stock is slipping on Friday as investors react to a couple of pieces of news concerning the company.
The first bit of news hitting DWAC stock today is a delisting notice from the Nasdaq Exchange. The Listing Qualifications Department alerted the company that DWAC isn’t in compliance with listing requirements for the exchange.
The problem is the late filing of Digital World Acquisition’s Form 10-Q for the quarter ended on June 30, 2023. It’s worth noting that DWAC is already in danger of being delisted due to a prior warning for another late filing. Digital World Acquisition says it intends to submit an updated plan for regaining compliance to the Nasdaq before Sept. 5, 2023.
Trump Rejoins X
The next big news that has DWAC stock falling is former President Donald Trump rejoining X, which was previously Twitter. Trump had left Twitter in favor of Truth Social, a social media platform run by his Trump Media & Technology Group, after a ban. That company is set to undergo a special purpose acquisition company (SPAC) merger with Digital World Acquisition.
Trump’s renewed posting on X has cast doubts on his confidence in Truth Social. Some are even wondering if there’s much reason for Digital World Acquisition to merge with Truth Social now that Trump isn’t exclusively using the platform for his social media posting.
DWAC stock is down slightly as of Friday morning.
Investors can find more of the latest stock market news down below!
We have breakdowns of all the biggest stock market stories worth reading about on Friday! A few examples include why shares of Ideanomics (NASDAQ:IDEX), Netflix (NASDAQ:NFLX), and Hawaiian Electric Industries (NYSE:HE) stock are moving today. All of that news is ready to go at the following links!
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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.