Justin Sun’s new stock SRM rallied 67% before Tron merger news
At 8:30am this morning, SRM Entertainment disclosed that Justin Sun would be reverse merging his Tron group into its NASDAQ listing. Within one minute of the pre-market announcement, SRM rallied from $1.70 to $2.25 per share. Just an hour later, shares hit $6.70. The 290% rally was understandable. After all, Sun is a celebrity in his own right, and his first-ever deal to list his flagship Tron group on a major US stock exchange was always going to draw attention. The deal also benefited from Donald Trump brand name recognition. Second to Elon Musk and very few others, Sun ranked among the most generous individual donors to Trump’s presidential campaign. Moreover, investment bank Dominari Securities, which is behind Sun’s SRM-Tron merger, has its headquarters inside Trump Tower and boasts Donald Trump Jr. and Eric Trump as advisors. The Financial Times had also reported that Eric Trump was “expected” to have a direct role at Tron Inc., Sun’s post-SRM merg...