DWAC Can’t Seem to Stay out of Trouble

by | Jun 14, 2022

DWAC shares drop 28% on news of a second SEC subpoena. Important merger vote for Sir Richard Branson today. And the rest of the day’s news in SPACs.

Free Investor Resources from Boardroom Alpha
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

More Trouble for DWAC

Shares of Digital World Acquisition Corp. (DWAC) dropped 28% today on news that it has received another subpoena from the SEC related to its planned acquisition of Trump Media & Technology Group. DWAC says the subpoena seeks additional information on “communications regarding and due diligence of of potential targets other than Trump Media & Technology Group and relationships between Digital World and certain advisors, shareholders, as well as certain forward-looking information about TMTG.” DWAC previously disclosed in May a subpoena from the SEC seeking documents and information regarding meetings of the board of directors, the evaluation of potential acquisition targets including TMTG, communications relating to TMTG and payments made to advisors. DWAC shares are down 40% over the past month, versus a 7% decline for the S&P 500 over the same period.

Merger Vote: NLIT / Safe Harbor Financial

Northern Lights Acquisition Corp. (NLIT) sets June 24th vote on Safe Harbor Financial merger. Safe Harbor is a financial services provider to the cannabis industry.

ADER Postpones Vote

26 Capital Acquisition Corp. (ADER) postpones vote on merger with UE Resorts International, citing “illegal occupation and other illegal activities.”

Two merger votes this week, and the usual extensions

Merger vote today for Virgin Group Acquisition Corp. II (VGII) and sustainable consumer products company Grove Collaborative and tomorrow for EJF ACquisition Corp. (EJFA) and AI infrastructure player Pagaya Technologies.

SPAC Daily Movers

Source: Boardroom Alpha

SPAC Calendar

Source: Boardroom Alpha

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

Recent Analysis

Daily SPAC Update – July 19, 2024

AIBAF DeSPACs to PSIG. GAMC Sets Deal Vote. NOVV and BYNO Extension Votes Set. BlueRiver Acquisition  (BLUAF) Suspends Trading. CCIV Vote Moves to August.

Daily SPAC Update – July 17, 2024

ZLS – Zalatoris II Updates Trust Ahead of Vote. AFAR Extension Approved w/ 2.7M Redemptions. AVHI – Achari Ventures Extends. MACI Separate Trading Today. Ocean Capital Withdraws Registration.

Subscribe to Boardroom Alpha Newsletters

Subscribe to Boardroom Alpha's research to receive the latest on governance, SPACs, and people.


The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.