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Donald Trump's media company surges on $69.4M windfall from warrant exercise

Published 2024-06-24, 03:05 p/m
© Reuters.  Donald Trump's media company surges on $69.4M windfall from warrant exercise
DJT
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Proactive Investors - Shares of former president Donald Trump's media firm Trump Media & Technology Group Corp (NASDAQ:DJT) added more than 20% after it was revealed it expects to it receive over $69.4 million from the exercise of warrants on June 20 and 21.

This follows the Securities and Exchange Commission (SEC) approving the company's registration statement last week.

If all the warrants covered by the registration are exercised, TMTG could potentially raise up to $247 million.

The number of new shares expected to come to market is fewer than first anticipated, meaning the dilution for existing shareholders won't be quite as punitive as first believed.

Additionally, $40 million of restricted cash will become available, adding to the company's more than $200 million in unrestricted cash as of June 18.

The company owns Trump's social media platform Truth Social.

Its shares were up 22% just shy of $34 on Monday, ahead of a highly anticipated Presidential Debate between Republican candidate Trump and incumbent Joe Biden on Thursday.

Read more on Proactive Investors CA

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