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SRM Entertainment Inc. (NASDAQ:SRM) shares surged over 500% after the company disclosed a major equity investment deal and announced a strategic shift toward blockchain integration.
What To Know: The company signed a securities purchase agreement with a private investor for a $100 million equity injection. This capital will fund SRM's new TRON token treasury strategy, signaling a pivot toward the crypto sector.
As part of the agreement, SRM will issue 100,000 shares of Series B Convertible Preferred Stock, which can be converted into 200 million shares of common stock at 50 cents per share. Additionally, the deal includes 220 million warrants to buy more common stock at the same price.
The company has also named TRON blockchain founder Justin Sun as an advisor and announced plans to rebrand as Tron Inc.
SRM Price Action: SRM entertainment shares were up 524% at $9.08 at the tome of writing, according to Benzinga Pro.
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Posted In: SRM
