Shares in Digital World Acquisition Corp. /zigman2/quotes/229933747/composite DWAC +1.29% , a special-purpose acquisition company that has agreed to merge with a media property being developed by former President Donald Trump, increased more than 24% in after-hours trading Wednesday, after a report that the entity is seeking to raise up to $1 billion. Reuters reported just as markets closed Wednesday that two "people familiar with the matter" say the entity is looking to raise up to $1 billion from hedge funds and others in a private investment tied to the SPAC, known as a PIPE. DWAC shares jumped just before the close Wednesday for a 7.2% daily gain to $44.35, then increased 24.2% in the extended session. DWAC representatives are trying to sell PIPE shares for $30 apiece, which would push the company to a $3 billion valuation, according to the report, which says one source attended a recent "roadshow" seeking to drum up funding for the PIPE. Reuters reported that many Wall Street firms did not attend the roadshows, which were instead largely populated by representatives from hedge funds, family offices and high-net-worth individuals, and that attendees were shown a demonstration of a service called TRUTH Social that resembled Twitter Inc. /zigman2/quotes/203180645/composite TWTR +2.60% A tangentially-related stock, Phunware Inc. /zigman2/quotes/202053060/composite PHUN +5.51% , saw shares jump 40% in after-hours trading.