A Securities and Exchange Commission (SEC) Archiving Published Monday night outlines the relationship between Tron Dao, Justin Sun and SRM Entertainment, a Nevada company in the process of changing its name to Tron Inc.
Archiving information is a private investment of $ 100 million in public equity (pipe) that is paid entirely in TRX
Tokens, giving the sun’s father, Weike Sun, Board Control and positioning thron-adjusted advisers in key control roles.
Weike was appointed chairman, while Zhihong Liu, also known as Steve Liu, a strategic adviser to Tron DAO and CEO of StableCoin Issuer Techteryx, and Zi Yang, a senior manager at Tronscan, joined the Board’s audit, compensation and nomination committee, according to archiving.
The trade was structured as a private investment in public equity agreement (PIP). An investment vehicle owned by Weike purchased 100,000 shares in SRM series B preferred stock via TRX -Tokens, convertible to 200 million joint shares and received 220 million warrants at a strike course of $ 0.50.
Despite the appearance of adaptation, Tron DAO has no direct investment, management rights or formal role in the SRM agreement, Liu said. “Tron Dao isn’t really any part of the agreement for SRM. It’s more of Senior Sun’s transaction.”
DAO itself is also not mentioned in the 8K archiving. Its influence appears to be indirect, reflected through the background of newly appointed board members bound to the Tron ecosystem.
According to Financial timesThe renamed company plans to buy and hold up to $ 210 million of TRX, similar to how Microstratey built a Bitcoin-based corporate box.
The deal was arranged by Dominari Securities, a brokered Dominari Holdings, whose advisory board includes Donald Trump Jr. And Eric Trump and lies in Trump Tower in Manhattan.
Dominari Securities was paid $ 50,000 for the advisor for the transaction, according to the 8K archiving.
SRM, the listed Tron unit, is down by 15%and traded at $ 7.73 when the market closed in New York. The
The token is down by 2.5%and trades with $ 0.27.
