ChainCatcher report, according to Cointelegraph, Nasdaq-listed TRX treasury company Tron has filed documents with the U.S. Securities and Exchange Commission to establish a new at-the-market equity offering program, allowing it to sell up to $200 million in common shares to fund its larger TRX treasury.
According to the supplemental prospectus filed on Wednesday, Tron may periodically sell common shares with a par value of $0.0001 through Clear Street as agent, with Clear Street receiving a commission of up to 3% of the total proceeds raised.
The company’s existing TRX accumulation plan, announced in February this year, aims to purchase approximately $50,000 worth of TRX daily for 360 consecutive days. On Thursday, Tron acquired 149,369 TRX at an average price of $0.3347, bringing its total treasury holdings to 718.9 million TRX, valued at approximately $237 million. On the same day, the company’s stock opened down 4.7%, continuing its roughly 67% decline over the past 12 months.
Tron Files $200 Million ATM Stock Offering to Fund TRX Treasury
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Summary
According to on-chain data from ChainCatcher, Tron has filed a $200 million at-the-market stock offering to fund its TRX treasury. The Nasdaq-listed company submitted the offering to the SEC via a prospectus supplement, enabling it to sell common shares through Clear Street as agent. Tron, one of the altcoins to watch in the current market, purchased 149,369 TRX tokens at $0.3347 on Thursday, increasing its holdings to 718.9 million. The stock declined 4.7% on Thursday, continuing a 67% drop over the past year.
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