SRM Stock Soars Over 530% Following Tron Reverse Merger Announcement
SRM Entertainment, a Florida theme park vendor newly acquired by Tron-owned Justin Sun, saw its Nasdaq-listed stocks (SRM) surge over 530% following news of a reverse merger.
On June 16, the stock price jumped from $1.48 to a high of $10.84 intraday before closing at $9.19. The stellar rally came after Tron announced going public with a $210 million reverse merger with SRM Entertainment.
Trading Volume Jumps to 250 Million Shares
Yahoo Finance statistics showed SRM’s trading volume went from slightly more than 2 million shares to 250 million, with institutional and retail money pouring in. This was one of the largest single-day increases in SRM history.
Tron’s native token (TRX) also saw a modest rise, going up by nearly 2.5% to $0.28, though it remains 35% below its all-time high price of $0.43 reached in December 2023.
Company to Change Name to Tron and Implement Tron Treasury Strategy
SRM Entertainment made the announcement in a press release that it will change its name to “Tron” and start stockpiling TRX tokens under a new “Treasury Strategy” that would increase shareholder value.
“We are thrilled to invest into the world’s next generation financial infrastructure,” CEO Rich Miller said.
Justin Sun Hired as Advisor, $100M Equity Agreement Disclosed
Part of the merger deal, Tron founder Justin Sun will serve as an advisor to SRM. The company also revealed a $100 million private investor equity investment.
Outlook
Dominari Securities investment bank had arranged the reverse merger, which, according to earlier reports, has a connection to the Trump family. But Eric Trump later denied any link with the deal via an X post.
The merger is a significant step in Justin Sun’s ongoing effort to introduce blockchain to mainstream finance and entertainment economies. Shareholders will be watching closely as SRM under Tron brand and embarks on its crypto-powered strategy.
