Digital World Acquisition (NASDAQ:DWAC) was on the rise Friday morning. The SPAC linked to former President Donald Trump surged after a New York grand jury formally indicted Trump on charges related to “hush money” payments made before his 2016 campaign for president.
This week, NASDAQ notified Digital World that its fee delinquency has been cured and thereby the company has regained compliance with the applicable listing standard. It had been scheduled for a hearing on
Thursday, April 6, but that has since been cancelled. The stock will continue to trade on the NASDAQ Stock Market.
Last week, the company's Chief Executive Patrick Orlando was terminated. Eric Swider, a member of DWAC's board since IPO, has been appointed interim chief executive officer, effective immediately.
Orlando was terminated from his positions as CEO and chairman of the board after having served for the past 1.5 years. Orlando will continue as a board director.
The changes follow amid a report that federal prosecutors were probing whether the social media company may have allegedly violated money laundering regulations.
In the past one-month trading, the stock has lost 12.4%. They opened Friday up $1.01, or 7.7%, to $14.07.
