Getinearlypicks

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DWAC vs. DWACW vs. DWACU
What is this stuff?
DWAC is a share of the SPAC which will merge with the private company. Prior to the merger vote, DWAC shares will be redeemable for $10.

DWACW is a warrant. These warrants are contracts which grant the bearer the right to buy a share of DWAC at a price of $11.50 at some future point, after the merger, and more specifically, after the post-merger company issues a secondary offering. This usually happens around a month or so after the merger, but the timing can vary.

DWACU is a unit. These units consist of one share of DWAC and one half of one share of DWACW, and also grants an additional one tenth of one share of DWAC upon exercise, according to this filing: https://www.sec.gov/Archives/edgar/data/0001849635/000110465921071982/tm2117087d1_s1.htm

Which one should I buy?
That depends upon how you are trading.

DWACW currently trades at a substantial discount to DWAC. After the secondary offering, DWACW will be worth at least whatever DWAC is trading for minus $11.50. The reason for the discount is that the price could fall after the secondary offering, and this commonly happens with SPACs. This means that DWACW is better for a long term hold.

Conversely, DWAC will likely continue to trade at a higher price than DWACW plus $11.50 until the offering occurs, and may also be more volatile. This means that DWAC may be more appropriate for swi