Nasdaq-Listed Tron Files $200 Million Stock Offering to Fund TRX Purchases
Summary
- Nasdaq-listed Tron reportedly filed for an at-the-market common stock offering worth up to $200 million to fund TRX purchases.
- Tron had previously said it planned to buy $50,000 worth of TRX each day for about a year.
- Tron shares have been in a downtrend, with a cumulative decline of about 67% over the past 12 months.
Forecast Trend Report by Period
Nasdaq-listed Tron is pursuing a large stock offering to raise funds for 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 serving as underwriter and may receive a fee of up to 3% of the total proceeds.
Tron previously announced in February a plan to buy TRX. The strategy calls for purchasing $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 under pressure. Yahoo Finance data showed the stock opened about 4.7% lower early on October 15 than the previous session. Over the past 12 months, the shares have fallen about 67%.
