Nasdaq-listed Tron has filed for an at-the-market (ATM) share offering allowing it to sell up to $200 million in common stock, with proceeds directed toward expanding its Tron (TRX) token treasury.
The filing was submitted Wednesday. Clear Street serves as the agent for the offering and will retain up to 3% commission from gross proceeds. The common stock carries a par value of $0.0001 per share.
Tron’s treasury currently holds 718.9 million TRX tokens valued at approximately $237 million. The company announced an existing TRX accumulation program in February that targets purchasing roughly $50,000 worth of TRX daily over 360 consecutive days. On Thursday, Tron acquired 149,369 TRX tokens at an average price of $0.3347 per token as part of this program.
Tron’s share price opened 4.7% lower on Thursday and has declined approximately 67% over the past 12 months.
How the ATM Offering Works
An at-the-market offering permits a company to sell shares gradually into the open market at prevailing prices, rather than through a single block sale. The structure gives Tron flexibility to time share sales without announcing discrete tranches. Clear Street, as agent, facilitates these sales and takes a commission capped at 3% of the total proceeds raised.
The $200 million ceiling represents the maximum Tron may raise under this authorization. The company is not obligated to sell the full amount immediately or at all.
