As it stands, the SPAC must complete a deal by Sept. 8 or risk returning its roughly $300 million to investors.

 As it stands, the SPAC must complete a deal by Sept. 8 or risk returning its roughly $300 million to investors.

 Such an unwinding would be costly to stockholders: The SPAC shares are trading for some 60% more than the $10.24 investors will get back if the merger collapses.

The high premium reflects the rally since last month on optimism the deal will finally get done after Digital World reached a settlement with the Securities and Exchange Commission and revamped the structure of the deal to help ensure Trump stays committed to it. The changes included those that would benefit Trump himself, including the creation of a new class of shares to be issued to the company’s principal.

“With Trump involved you would expect controversy and all sorts of twists and turns, so DWAC has not disappointed,” said Matthew Tuttle, chief executive of Tuttle Capital Management. He’s never seen a SPAC dole out super-voting shares this late in the game, but said that “it’s Trump, so expect the unexpected.”

Yet the SPAC closing remains far from certain. The reworked deal allows Trump Media to walk away by Sept. 30 if its board decides the merger isn’t in investors’ best interest or by Oct. 13 if Digital World doesn’t file an amended registration statement by Oct. 9. Digital World also has similar powers to break it off.