DWAC is the standard shares, which will be converted 1:1 to TMTG shares when then merger is final. If the merger doesn't happen you will be reimbursed $10 per share. So you only "risk" what you pay over $10 prior to the merger. After the merger this guarantee is gone though DWACW are warrants. These are like options in that they give you the right to convert them for shares in the future. I believe each warrant gives you the right to buy a share for $11.50 in the future, so you're betting on the fact that the share price will be above $11.50+(warrant price) in the future. Typically a much better return on investment if the share price goes up, but if the merger fails to go through you will lose 100% of your investment. DWACU are units. These are basically shares that also include some free warrants at a certain ratio. For example, 3:1 would be 1 free warrant for every 3 units you own. A bit oversimplified, but hopefully that helps. Not investment advice.