From Cointelegraph · By Zoltan Vardai
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.
Tron SEC filing on a $200 million ATM program with Clear Street LLC. Source: sec.gov
The company’s shares opened 4.7% lower on Thursday, poised to extend their roughlly 67% 12-month decline, according to Yahoo Finance.
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