Digital World Acquisition Corp. shares jump 24% after report of $1 billion fundraising target

Shares in Digital World Acquisition Corp.
DWAC,
+7.15%,
a special-purpose acquisition business that has actually accepted combine with a media residential or commercial property being established by previous President Donald Trump, increased more than 24% in after-hours trading Wednesday, after a report that the entity is looking for to raise as much as $1 billion. Reuters reported simply as markets closed Wednesday that 2 “people familiar with the matter” state the entity is seeking to raise as much as $1 billion from hedge funds and others in a personal financial investment connected to the SPAC, referred to as a PIPELINE. DWAC shares leapt right before the close Wednesday for a 7.2% everyday gain to $44.35, then increased 24.2% in the extended session. DWAC agents are attempting to offer pipeline shares for $30 each, which would press the business to a $3 billion appraisal, according to the report, which states one source participated in a current “roadshow” looking for to attract financing for the pipeline. Reuters reported that numerous Wall Street companies did not participate in the roadshows, which were rather mostly occupied by agents from hedge funds, household workplaces and high-net-worth people, which participants were revealed a presentation of a service called reality Social that looked like Twitter Inc.
TWTR,
-2.55%
A tangentially-related stock, Phunware Inc.
PHUN,
+11.68%,
saw shares leap 40% in after-hours trading.

Jobber Wiki author Frank Long contributed to this report.