A Securities and Exchange Commission (SEC) filing posted Monday night outlines the relationship between Tron Dao, Justin Sun and SRM Entertainment.
For more information about the filing, see the $100 million private investment in public equity (pipe) transactions that are fully paid on TRX
TRX$0.27269
Token gives Sun’s father Wake Sun, board control, and serves as Tron’s advisor in key governance roles.
Wyke was appointed chairman, Zhihong Liu is Tron Dao’s strategic advisor and CEO Steve Liu, Stablecoin Issuer Techteryx, and Zi Yang, a senior Tronscan executive, joined the board’s audit, compensation and nomination committee in accordance with the application.
The contract was constituted as a private investment in public equity (pipe) transactions. The investment vehicle owned by Weike purchased 100,000 shares of SRM Series B preferred stock via a TRX token, converted to $200 million common stock and received 220 million warrants at a strike price of $0.50.
Despite the advent of alignments, Tron Dao has no direct investment, governance rights or formal roles in SRM transactions, Liu said. “Tron Dao is not actually part of SRM’s trading. That’s a lot of Sine Sun trading.”
DAO itself is not mentioned in 8K filing either. The impact appears to be indirect and is reflected through the background of newly appointed board members tied to the Tron ecosystem.
According to Financial Timesthe renamed company will purchase and hold TRX worth up to $210 million, similar to the way MicroStrategy built the Bitcoin-based Ministry of Corporate Treasury.
The agreement was arranged by Dominali Securities, a securities company affiliated with Dominali Holdings. That advisory committee includes Donald Trump Jr. and Eric Trump, located within Trump Tower in Manhattan.
According to 8K filings, Dominali Securities was paid $50,000 to the lawyer for the transaction.
SRM, the listed Tron entity, is down 15% and is trading at $7.73 as the market closed in New York.
TRX$0.27269
Tokens are down 2.5% and are trading at $0.27.
