Trump Media expects nearly $70 million from move that helped cause stock’s skid

trump media expects nearly $70 million from move that helped cause stock’s skid

Trump Media expects nearly $70 million from move that helped cause stock’s skid

Trump Media & Technology Group Corp. on Friday said that it expects to bring in more than $69.4 million, at least initially, from the exercise of warrants over the past two days, after regulators cleared the move earlier in the week and sent shares tumbling in the process.

The company, which runs former President Donald Trump’s social-media platform Truth Social, said it could eventually generate up to $247 million in proceeds if all the warrants affected by the decision were exercised.

Shares of Trump Media & Technology Group slipped 0.4% after hours on Friday. They closed the regular session up 3.4%, snapping a multiday losing streak that saw the stock fall for five straight trading sessions through Thursday.

Devin Nunes, the former Republican congressman who serves as chief executive of the company, has said the proceeds would help Trump Media pursue streaming offerings and possible acquisitions. Trump himself holds around two-thirds of the company’s outstanding stock.

Trump Media said Tuesday that the Securities and Exchange Commission had declared an amended registration statement “effective,” allowing some of its investors to resell securities and making some warrants available for exercise. That registration statement covered millions of warrants and common shares, some of which would be issued when the warrants were exercised.

Warrants allow investors to buy or sell stocks at a predetermined price within a certain time frame. Shares of Trump Media sold off afterward, amid worries that the extra supply of shares would weaken their price overall. The stock has fallen since Trump’s conviction in a criminal hush-money trial last month.

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