SPACs, also known as blank-check companies, are created to raise capital in the public equities markets, with the goal of using the cash to purchase or merge with private firms. One trending post on WallStreetBets on Monday said "DWAC- ALL IN," which attracted more than 500 comments. The DWAC ticker was the second-most popular name on Reddit's WallStreetBets chatroom on Monday, after Tesla, the electric-vehicle giant that hit a $1 trillion market capitalization on the same day, according to alternative data provider Quiver Quantitative. Trump has leverage, not them."ĭWAC remained a popular chatroom topic among retail traders, who were credited last week with turning the SPAC into the latest hot "meme" stock in 2021. "SPAC holders don't own a piece of this project yet. Based on Trump's track record, at current price, renegotiation is likely to keep more of the merged company for him," Iceberg Research said in a tweet. "Now that initial excitement has passed, we see only risks for investors in near future. Short-seller Iceberg Research unveiled a bearish position on the DWAC on Monday, saying that investors face uncertainties in this blank-check deal as Trump could become a dominant shareholder after the merger. But Phunware's rise last week coincided with the spike in the SPAC's stock. There is no indication that DWAC and Phunware have a business relationship. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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