Trump Media Says SEC's Decision May Help It Get $247 Million By Reuters | Old North State Wealth News
Connect with us

Investing

Trump Media says SEC’s decision may help it get $247 million By Reuters

Published

on

(Reuters) – Trump Media & Technology Group said on Tuesday the Securities and Exchange Commission has declared effective the company’s filing for resale of certain shares and warrants, potentially giving it about $247 million in proceeds.

The company said that with its warrants now being exercisable, it expects to be “well-positioned” to pursue TV streaming, other enhancements to the platform and potential mergers and acquisitions.

Shares of the company that owns former U.S. President and Republican presidential candidate Donald Trump’s social media platform Truth Social, were down about 14% in extended trading over potential equity dilution.

Trump Media said that the proceeds from the potential sale of these warrants would supplement more than $200 million in unrestricted cash it currently retains.

The company added that an additional $40 million of restricted cash on its balance sheet will become unrestricted as a result of the registration statement on Form S-1 becoming effective.

The company’s stock has fallen 46% since the close of its backdoor listing on Nasdaq in March, and it has a market capitalization of $5.53 billion, according to LSEG data. (This story has been corrected to change the stock move to ‘fallen 46%’ from ‘fallen nearly 80%’ and market capitalization to ‘$5.53 billion’ from ‘$6.14 billion’ in paragraph 6)



Read the full article here

Trending

Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.