Tron grants board control of US-listed company to Justin Sun's father through $100 million token transaction

YM Lee

Summary

It was reported that Tron granted board control of a US-listed company to Justin Sun's father, Wake Sun, through a $100 million token transaction.
An investment company owned by Wake purchased 100,000 shares of SRM Series B preferred stock using TRX tokens, which can be converted into 200 million common shares.
Citing the Financial Times, SRM Entertainment announced plans to purchase and hold up to $210 million worth of TRX.

Recently, Tron, which has been pursuing a US listing through a reverse merger with SRM Entertainment, granted board control to Justin Sun's father, Wake Sun, through a $100 million token transaction.

On the 18th (local time), cryptocurrency-focused media outlet CoinDesk reported, citing documents submitted to the Securities and Exchange Commission (SEC), that “as a $100 million token payment public capital investment (PIPE) transaction proceeds at SRM Entertainment, a US-listed company located in Nevada and in the process of changing its name to Tron Inc., Wake Sun, Justin Sun's father, has gained board control.”

According to the submitted documents, Wake Sun was appointed as chairman, while Zhihong Liu, strategic advisor to Tron DAO and CEO of stablecoin issuer TechTeryx, and Zayang, a senior executive of TronScan, joined as members of the board's audit, compensation, and nomination committees.

An investment company owned by Wake purchased 100,000 shares of SRM Series B preferred stock using TRX tokens, with the shares being convertible into 200 million common shares.

According to the Financial Times, the company plans to purchase and hold up to $210 million worth of TRX, similar to the strategy used by Bitcoin-based firms to build their corporate treasury.

TRX