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Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company and Truth Social app public, advanced 11% ahead of a big announcement the former president is scheduled to make Tuesday.
Trump said last week he will be a making an announcement at Mar-a-Lago on Tuesday and most expect it will be Trump's 2024 re-election bid.
"Hopefully, tomorrow will turn out to be one of the most important days in the history of our Country!" Trump posted on Truth Social earlier on Monday.
DWAC shares skyrocketed 66% a week ago after Trump hinted at rallies over the previous weekend that he would soon be announcing his re-election campaign. Shares of the SPAC retreated 20% on Wednesday after the potential "Red Wave" that some had forecast failed to materialize after the mid-term elections on Tuesday.
Digital World shares have plunged 72% this year from reaching highs in early March as the social media company has been involved in regulatory probes and amid potential competition from a Twitter run by Elon Musk, who has previously said he would allow Trump back on the platform.
Phunware Inc. (NASDAQ:PHUN) a software company that was previously tied to Trump's 2020 presidential campaign, climbed 9% on Monday after it surged 38% last Monday.
Earlier this month DWAC again adjourned a holder vote on an extension for its deal to take Trump's social media company public as it works to get more holder votes. The meeting was adjourned until Nov. 22.