Digital World Acquisition Corp (NASDAQ:DWAC) stock price performing near to its 52-week low. DWAC is a blank check company, whose focus includes effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses.
DWAC Stock Price Analysis
DWAC stock closed at $13.73 on March 10, with a 2.14% decline in its share price. Notably, its 52-week low was at $13.38, on its last day of trading. DWAC opened at the price of $14.01 and gave high at $14.17. Meanwhile, the stock in 1 week the stock price is down 4.39% and in 1 month noted a 13.10% drop.
As the above chart indicates, DWAC stock did not show any big price movements in the last 1 month. The stock price is following a bearish trend due to lack of investor interest in DWAC stock. And the technical analysis summary for DWAC stock for 1 week is indicating ‘sell’.
At present, DWAC stock comes under the stocks which is not fundamentally strong due to its bad financial reports. The other stocks such as Shopify Inc (SHOP), Snap Inc (SNAP), and SoFi technologies, inc (SOFI) are also fundamentally weak stocks.
Digital World Acquisition Corp has a current market cap of $510.958 million. The company does not carry out significant operations. Its trailing-12-month Return on total assets is negative 3.77%. Its net loss for the quarter that ended September 30, 2022, widened significantly year-over-year to $3.79 million. Its net loss per Class A common stock widened considerably year-over-year to $0.10.
Earlier this month, DWAC fell 0.8% after saying it would appeal a Nasdaq delisting order after the company failed to pay certain fees. It has proposed merging with ex-US President Donald Trump’s Truth Social social media platform, also said it would pay any outstanding fees needed to regain compliance with Nasdaq rules.
According to a Securities and Exchange Commission (SEC) document filed on March 1st, Wednesday, Digital World Acquisition Corp hasn’t paid all of the necessary fees to keep itself posted on the stock market. As the company has defaulted on its payments, Nasdaq notified DWAC that it would be delisted without an appeal. This filing confirms that the shell corp is going through with that appeal process.
“The Company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees The Hearing Department determines are due,” the SEC document states.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/12/dwac-stock-price-is-near-its-52-week-low-down-13-in-1-month/