Tron DAO’s SEC Filing Reveals $100 Million PIPE Deal for SRM Entertainment
The SEC filing reveals key details about the relationship between Tron DAO, Justin Sun, and SRM Entertainment, which is rebranding to Tron Inc.
- A $100 million PIPE deal was executed, funded entirely in TRX tokens.
- Weike Sun gained board control as chairman, alongside other Tron-aligned advisors.
- The investment vehicle owned by Weike acquired 100,000 shares of SRM Series B preferred stock via TRX, convertible into 200 million common shares, along with 220 million warrants at a $0.50 strike price.
- Tron DAO has no direct role or governance rights in the SRM deal; its influence is indirect through newly appointed board members.
- The renamed firm plans to buy and hold up to $210 million worth of TRX.
- The transaction was facilitated by Dominari Securities, which received $50,000 for advisory services.
- SRM's stock fell 15% to $7.73, while TRX dropped 2.5% to $0.27.