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Nasdaq-listed TRON is seeking to raise up to $200 million through an at-the-market stock offering to expand its TRX reserves, Cointelegraph reported. The company plans to sell common stock from time to time through Clear Street, which is acting as sales agent and will receive a fee of up to 3% of the gross proceeds.
TRON had previously announced an asset reserve program in February to buy around $50,000 worth of TRX per day. It recently bought an additional 149,369 TRX at an average price of $0.3347. TRON now holds about 718.9 million TRX, worth around $237 million.