Web Stories Friday, July 19

(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


Leave A Reply

© 2024 Wuulu. All Rights Reserved.