Tron is going public by merging with SRM Entertainment, a small company listed on the Nasdaq exchange
Tron, the digital currency project spearheaded by controversial entrepreneur Justin Sun, is expected to go public in the U.S., according to a Monday report by the Financial Times
It has opted for a reverse merger with Nasdaq-listed SRM Entertainment, meaning that it will not have a traditional initial public offering (IPO)
The new company will become the Strategy of Tron with an initial investment of $210 million worth of TRX from Justin Sun’s digital asset platform
Tron (TRX), the eighth-biggest cryptocurrency by market cap, is up by nearly 5% on the news. It is currently trading at $0.28, according to CoinGecko data
As reported by U.Today, the U.S. Securities and Exchange Commission (SEC) took Sun to court back in 2023, accusing him of manipulating the price action of his token
In February, the agency reported that the SEC had dropped charges against Sun as part of its effort to dismantle aggressive crypto enforcement pursued by former SEC head Gary Gensler
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