Trump Media sells 55.9M shares at $25.72 in private placement

Trump Media (DJT) and Technology Group announced it has closed its previously announced private placement offering with approximately 50 institutional investors. The offering consisted of the sale of 55.86M shares of the company’s common stock, at a price of $25.72 per share, for gross proceeds of approximately $1.44B and 0.00% convertible senior secured notes due 2028 in the principal amount of $1.00B, at the conversion price of $34.72 per share, for an aggregate purchase price of approximately $2.44B. Trump Media will use the approximately $2.32B in net proceeds from the offering to create a bitcoin (BTC) treasury and for other general corporate purposes and working capital. “One of the largest Bitcoin treasury deals for any public company, the net proceeds from this Offering and the Company’s strategy will make Trump Media one of the top Bitcoin holders among publicly-traded U.S. firms with one of the most comprehensive Bitcoin treasury strategies,” Trump Media said in a statement. Yorkville Securities and Clear Street acted as co-lead placement agents, with BTIG and Cohen & Company acting as co-placement agents. Crypto.com and Anchorage Digital will provide custody for Trump Media’s bitcoin treasury.