Nasdaq-listed Tron sets up $200M ATM share offering to fuel TRX acquisitions

Nasdaq-listed Tron sets up $200M ATM share offering to fuel TRX acquisitions

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Nasdaq-listed Tron (TRON) has filed for a new at-the-market (ATM) share offering allowing it to sell up to $200 million of common stock that will fund an even-larger Tron (TRX) treasury.

The deal allows Tron to periodically sell shares of its common stock at $0.0001 par value through Clear Street, which acts as an agent and retains a commission of up to 3% of gross proceeds, according to a Wednesday filing with the Securities and Exchange Commission (SEC).

The company’s existing TRX accumulation program, announced in February, called for the purchase of approximately $50,000 worth of TRX per day for 360 consecutive days.

Tron’s treasury holds 718.9 million TRX tokens, currently worth about $237 million, after the company’s latest acquisition of 149,369 TRX at an average price of $0.3347 on Thursday.

The company’s shares opened 4.7% lower on Thursday, poised to extend their roughlly 67% 12-month decline, according to Yahoo Finance.

Related: XRP treasury Evernorth’s shares rise 5% at Nasdaq opening print Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

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