Shares of the Trump Media & Technology Group ( NASDAQ: DJT ) fell nearly 8% before the market opened on Wednesday following the company Registered shares intended for possible sale.
The joint prospectus pertains to the primary offering of up to approximately 8.4 million shares of common stock with a par value of $0.0001 each, which can be issued when public warrants are exercised. Additionally, it covers the potential resale of up to 134.07 million shares by various sellers in single or multiple offerings at unspecified times.
The additional offering comprises the possible sale of 114.75 million shares in Trump Media & Technology Group owned by the Donald J. Trump Revocable Trust.
Regarding the media coverage, Trump Media & Technology Group stated: "Mainstream news organizations are circulating a false narrative claiming that a recent TMTG submission indicates plans for the Trump trust to divest its holdings in TMTG. It should be noted that these shares had been previously documented in June via an S-1 document, and today TMTG made a standard filing to re-register those same securities under an S-3 format to maintain the effectiveness of the company’s records. As such, there isn’t presently any period during which affiliates can offload their stakes."
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