Shares in Trump Media & Technology Group (DJT) jumped in premarket trading on Monday after the company said it expects to receive more than $69.4 million from the recent cash exercise of warrants.
The stock was up 7% at the time of writing.
The parent company of former President Donald Trump’s Truth Social platform announced Friday that these cash exercises were enabled after the SEC approved the company’s Form S-1 registration statement.
If all warrants under this statement are exercised for cash, the company could receive up to $247 million. Moreover, $40 million of restricted cash will become unrestricted due to the effective registration statement.