Tron-Linked Nasdaq-Listed Firm Launches $200M At-the-Market Stock Offering to Fund TRX Purchases

The Nasdaq-listed treasury company holds about $237 million in TRX tokens and plans to raise additional capital to finance its purchases alongside its daily accumulation.

The Nasdaq-listed treasury company has about $237 million worth of TRX tokens and plans to raise more capital to finance its purchases in addition to its daily accumulation.

Nasdaq-listed Tron (TRON) has filed for a new market share (ATM) that would allow it to sell $200 million of common stock that would fund Tron's (TRX) even larger treasury.

The deal will allow Tron to periodically sell shares of its common stock at a par value of $0.0001 through Clear Street, which will act as an agent and retain up to 3 percent of gross proceeds, according to a filing with the Securities and Exchange Commission (SEC) on Wednesday.

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 coffers hold 718.9 million TRX tokens, currently worth around $237 million, after the company last bought 149,369 TRX at an average price of $0.3347 on Thursday.

Tron SEC filing in a $200 million ATM program with Clear Street LLC. Source: sec.gov

Shares of the company opened down 4.7% on Thursday and are on pace to extend their 12-month decline by 67%, according to Yahoo Finance.