Trump Media Technology Group plans to spend $6.42 billion to acquire CRO Digital
Online report, Yorkville Acquisition Corp. (Nasdaq: YORK), Trump Media and Technology Group (Nasdaq, NYSE Texas: DJT) and Crypto.com announced that they have reached a final agreement on a business merger to form Trump Media Group CRO Strategy, Inc., This is a digital asset reserve company focused on acquiring native token CROs in the Cronos ecosystem. Yorkville Acquisition Corp. is a special purpose acquisition company (SPAC) initiated by Yorkville Acquisition Sponsor LLC ("Yorkville"). After the business merger is completed, Trump Media Group CRO Strategies will be majority-owned by Yorkville, Trump Media and Crypto.com as founding partners. The digital asset reserve company's expected funding sources include: $1 billion worth of CROs (6,313,000,212 CROs, accounting for approximately 19% of the total market value of CROs at the time of announcement),$200 million in cash,$220 million in mandatory exercise warrant cash, and a $5 billion equity credit line provided by Yorkville affiliate YA II PN, Ltd., totaling $6.42 billion. This will make it the first and largest publicly listed CRO reserve company. In order to reflect their long-term commitment to Trump Media Group CRO Strategies, Yorkville, Trump Media and Crypto.com agreed to implement a mandatory initial lock-up period of one year for their founding shares after the business merger is completed, followed by a three-year phased lifting plan.
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