SRM to build $210M TRX treasury, rebrand as Tron Inc. with Justin Sun as adviser
The move by Nasdaq-listed SRM Entertainment comes amid a regulatory thaw between the US Securities and Exchange Commission and Tron founder Sun.
Nasdaq-listed SRM Entertainment is set to launch a Tron corporate treasury of up to $210 million and change its name to Tron Inc., the company announced on Monday.
According to the announcement, SRM entered a securities purchase agreement with a private investor for a $100 million equity investment to fund its Tron (TRX) treasury strategy. Tron founder Justin Sun will join the company as an adviser.
As part of the deal, SRM Entertainment will issue 100,000 shares of its Series B convertible preferred stock. This stock can be converted into a total of 200 million shares of common stock at a conversion price of $0.50 per share, and 220 million warrants to acquire up to an aggregate of 220 million shares of common stock at an exercise price of $0.50 per share.
