Nasdaq-Listed Tron Files $200 Million Stock Offering to Fund TRX Purchases
Summary
- Nasdaq-listed Tron said it had filed for an at-the-market common stock offering of up to $200 million to fund purchases of the cryptocurrency Tron (TRX).
- Tron said it is carrying out a plan to buy $50,000 worth of TRX per day for about a year, and currently holds 718.9 million TRX (worth about $237 million).
- Tron’s stock has been declining, opening about 4.7% lower on the day, while its cumulative loss over the past 12 months has reached about 67%, the report said.
Forecast Trend Report by Period
Nasdaq-listed Tron has moved to raise capital through a large stock sale to fund purchases of the cryptocurrency TRX.
Cointelegraph reported on October 15 that Tron recently filed with the U.S. Securities and Exchange Commission for an at-the-market offering of common stock worth up to $200 million. Clear Street is the sales agent and may receive a fee of as much as 3% of the total proceeds.
Tron had previously announced a TRX purchase plan in February. Under the plan, it aims to buy $50,000 worth of TRX each day for about a year.
Tron currently holds 718.9 million TRX, valued at about $237 million.
Tron shares have been falling. Yahoo Finance data showed the stock opened about 4.7% lower on the day from the previous close. Over the past 12 months, the shares have fallen about 67%.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul