A highly anticipated SPAC merger between Digital World Acquisition Corporation ( DWAC ) and Trump Media & Technology Group was approved Friday.

Here's how some investors missed out on thousands of dollars from the merger process.

What Happened: First announced in October 2021, a merger between Digital World Acquisition Corporation ( DWAC ) and Trump Media & Technology Group has faced several setbacks and delays.

Friday’s merger approval saw the majority of shareholders voting to push the deal forward. The merger will bring a media company founded and majority owned by former President Donald Trump public.

"We are immensely grateful to our stockholders and our working group for their continued trust and support. This vote underscores their confidence in the merger with TMTG and the path we have set for the future," Digital World CEO Eric Swider said.

As part of the SPAC merger process, shareholders are able to redeem their shares at net asset value at the time of the merger vote. This can happen during votes to extend deadlines or upon approval.

According to SPAC expert Julian Klymochko, a total of 4,939 shares of Digital World Acquisition Corporation ( DWAC ) were redeemed at the merger vote.

These shares were cashed out at net asset value, which is listed at $10.85.

Instead of redeeming the shares at net asset value, the shareholders could have sold shares at around $37 on Friday during regular market hours.

This means that any shareholders who redeemed shares missed out on a potential price that was 71% higher.

In total, the shareholders who redeemed missed out in $129,154.85 based on the redemption price and $37 market price on Friday.

Related Link: Trump To Maintain Control Of Media Company If He Sells Majority, Goes To Jail Or Becomes President

What's Next: The newly created company is expected to make its market debut this week. The company will trade as Trump Media & Technology Group with the ticker DJT on the Nasdaq. The symbol is in reference to Donald J. Trump, the former president and principal owner of the media company that operates the Truth Social platform, with ambitions for additional growth through video and media offerings.

"As we transition into a public company, we look forward to greatly enhancing and expanding Truth Social and providing Americans with an enduring safe harbor from Big Tech's stifling censorship and suppression," Trump Media & Technology Group CEO Devin Nunes said.

Trump will own 80 million shares in the newly formed company and faces lock-ups that could be changed by the company's board of directors. Trump is also subject to unlocking additional shares based on milestones for the stock in the coming months.

DWAC Price Action: Shares of Digital World Acquisition ( DWAC ) were 9.3% to $40.40 at the time of publication on Monday. With the merger finalization and ticker symbol change, coupled with various Trump-associated events, the stock is expected to experience significant volatility throughout the week.

Read Next: Trump Tried To Get Elon Musk To Buy Truth Social: New Report Highlights Former President’s Pitch

Image generated using artificial intelligence with Midjourney.