Digital World Acquisition, a blank check company led by SPAC veteran Patrick Orlando targeting a tech-focused business, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
The Miami, FL-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one-half of a warrant exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Digital World Acquisition would command a market value of $129 million.
The company is led by CEO and Chairman Patrick Orlando, the founder and CEO of investment consulting and investment banking firm Benessere Capital. Orlando has been involved as an Executive, Sponsor, and Director in several SPACs including Yunhong International (ZGYH; +1% from $10 offer price), Benessere Capital Acquisition (BENEU; +6%), and Maquia Capital Acquisition (MAQCU; +0%). The company plans to target middle market and emerging growth technology-focused businesses in the Americas, focusing on SaaS and Technology or Fintech and Financial Services.
Digital World Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DWACU. Kingswood Capital Markets is the sole bookrunner on the deal.
