Shares of SRM Entertainment, Inc. (SRM) gained over 250% on Monday morning after Hong Kong-based crypto entrepreneur Justin Sun’s blockchain group Tron announced plans to go public in the United States in a reverse merger with SRM Entertainment.
SRM is currently trading at $5.07, up $3.62 or 249.66%, on a volume of 68 million, above average volume of 0.5 million, on the Nasdaq. The stock opened trading at $5.50 after closing Friday at $1.45. The stock has traded between $0.26 and $6.70 in the past 52-week period.
SRM Entertainment announced that it has entered into a Securities Purchase Agreement with a private investor for a $100 million equity investment that will be used by SRM to initiate a TRON Token Treasury Strategy. Along with the strategic investment – Justin Sun, founder of TRON blockchain, has been named as an advisor to the Company.
Pursuant to the terms and conditions of the SPA, the Company will issue an aggregate of 100,000 shares of its Series B Convertible Preferred Stock, convertible into a total of 200 million shares of common stock at a conversion price of $0.50 per share, and 220 million warrants, to acquire up to an aggregate of 220 million shares of common stock at an exercise price of $0.50 per share.
In addition, the Company plans to change its name to Tron Inc.
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