Tron Launches $200 Million ATM Share Offering to Boost TRX Treasury
- Tron has filed for an at-the-market (ATM) share offering to sell up to $200 million of common stock.
- The shares will be sold at a par value of $0.0001, with Clear Street acting as the agent and retaining a commission of up to 3%.
- Currently, Tron’s treasury holds approximately 718.9 million TRX tokens, valued at about $237 million.
- The company is also executing a TRX accumulation program, purchasing around $50,000 worth of TRX daily for a year.
- On the day of the announcement, Tron’s shares opened down by about 4.7%, contributing to a total decline of roughly 67% over the past year.
This new share offering aims to enhance Tron’s treasury and support its ongoing TRX acquisition strategy amidst declining stock performance. The funds raised will significantly bolster Tron’s asset base in the competitive cryptocurrency market.
With plans to raise up to $200 million, Tron seeks to further solidify its position by increasing its holdings of TRX tokens while navigating a challenging market landscape marked by significant share price declines.(Source)
