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A Securities and Exchange Commission (SEC) filing posted Monday nighttime outlines the narration betwixt Tron DAO, Justin Sun, and SRM Entertainment, a Nevada institution successful the process of changing its sanction to Tron Inc.
The filing details a $100 cardinal backstage concern successful nationalist equity (PIPE) deal, paid wholly successful TRX TRX tokens, that gives Sun’s father, Weike Sun, committee power and positions Tron-aligned advisors successful cardinal governance roles.
Weike was named chairman, portion Zhihong Liu, besides known arsenic Steve Liu, a strategical advisor to Tron DAO and the CEO of stablecoin issuer Techteryx, and Zi Yang, a elder enforcement astatine Tronscan, joined the board’s audit, compensation, and nominating committees, according to the filing.
The woody was structured arsenic a backstage concern successful nationalist equity (PIPE) deal. An concern conveyance owned by Weike purchased 100,000 shares of SRM Series B preferred Stock via TRX tokens, convertible into 200 cardinal communal shares, and received 220 cardinal warrants astatine a onslaught terms of $0.50.
Despite the quality of alignment, Tron DAO has nary nonstop investment, governance rights, oregon ceremonial relation successful the SRM deal, said Liu. "Tron DAO is not truly immoderate portion of the woody for SRM. It’s much of the elder Sun's transaction."
The DAO itself is not mentioned successful the 8K filing either. Its power appears to beryllium indirect, reflected done the backgrounds of recently appointed committee members tied to the Tron ecosystem.
According to the Financial Times, the renamed steadfast plans to bargain and clasp up to $210 cardinal worthy of TRX, akin to however MicroStrategy built a bitcoin-based firm treasury.
The woody was arranged by Dominari Securities, a brokerage affiliated with Dominari Holdings, whose advisory committee includes Donald Trump Jr. and Eric Trump and is located wrong Trump Tower successful Manhattan.
Dominari Securities was paid $50,000 for the counsel for the transaction, according to the 8K filing.
SRM, the listed Tron entity, is down 15%, trading astatine $7.73 arsenic the marketplace closed successful New York. The TRX token is down 2.5%, trading astatine $0.27.
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