A presentation of the Commission of Securities and Securities (SEC) published Monday night describes the relationship between Tron Dao, Justin Sun and SRM Entertainment, a Nevada company in the process of changing its name to Tron Inc.
The presentation details a private investment agreement of $ 100 million in public capital (PIPA), completely paid in TRX
Tokens, who gives Sun’s father, Weike Sun, board control and positions the advisors aligned with trron in key government roles.
Weike was appointed president, while Zhihong Liu, also known as Steve Liu, a strategic Tron DAO advisor and the CEO of the stablecoin techteryx, and Zi Yang issuer, and Zi Yang, a senior tronscan executive, joined the audit, compensation and nomination committees of the Board, according to the presentation.
The agreement was structured as a private investment agreement in public capital (PIPA). An investment vehicle owned by Weike bought 100,000 shares of preferential shares of SRM Series B through tokens TRX, convertible into 200 million common shares and received 220 million orders at an exercise price of $ 0.50.
Despite the appearance of alignment, Tron Dao has no direct investment, government rights or formal paper in the SRM agreement, Liu said. “Tron Dao is not really any part of the agreement for SRM. It is more than the transaction of the Senior Sun.”
The DAO itself is not mentioned in the presentation of 8K. Its influence seems to be indirect, reflected through the background of the members of the newly appointed Board linked to the Tron ecosystem.
According to him Financial TimesThe renowned firm plans to buy and maintain TRX of up to $ 210 million, similar to how Microstrategy built a Bitcoin -based corporate treasure.
The agreement was organized by Dominari Securities, a broker affiliated with Dominari Holdings, whose advisory board includes Donald Trump Jr. and Eric Trump and is inside the Trump tower in Manhattan.
Dominari Securities received $ 50,000 for the transaction lawyer, according to the presentation of 8K.
SRM, the listed tron entity, has dropped 15%, quoting to $ 7.73 as the market closed in New York. He
The Token has dropped 2.5%, quoting to $ 0.27.
