Trump Media (DJT) Skyrockets 42% on $6-Billion Merger Plan
We recently published 10 Firms Stealing the Show on Wall Street. Trump Media & Technology Group Corp. (NASDAQ:DJT) is one of the best performers on Thursday.
Trump Media soared by 41.93 percent on Thursday to close at $14.86 apiece as investors repositioned portfolios following news that it was set to merge with TAE Technologies, Inc. for $6 billion.
In a statement, Trump Media & Technology Group Corp. (NASDAQ:DJT) said that it officially signed a definitive merger agreement with TAE Technologies to combine in an all-stock transaction, which is viewed to create one of the world’s first publicly traded fusion companies.
As part of the agreement, Trump Media & Technology Group Corp. (NASDAQ:DJT) would provide TAE with $200 million in cash at the signing date, and an additional $100 million upon the initial filing of Form S4 on mergers, acquisitions, and exchange offers to the Securities and Exchange Commission.
After a successful merger, the combined company would immediately begin next year the construction of the world’s first utility-scale fusion power plant, capable of powering 50 MWe.
Thereafter, it would ramp up the expansion of fusion power plants with capacities ranging from 350 to 500 MWe.
“Fusion power plants are expected to provide economic, abundant, and dependable electricity that would help America win the AI revolution and maintain its global economic dominance,” Trump Media & Technology Group Corp. (NASDAQ:DJT) said.
Upon the completion of the transaction, shareholders of each party would own an equal 50 percent stake in the combined firm.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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