Trump Media announces $105 million raised from DJT warrants

• Trump Media, the Truth Social maker whose majority owner is former President Donald Trump, said it collected more than $105 million through the cash exercise of warrants.
• The company — which trades on the Nasdaq using Trump's initials, DJT, as its ticker — said it has more than $350 million in cash and no debt on its balance sheet.
• The stock suffered a sell-off after Trump was convicted in a criminal trial.
• It has partially recovered, though shares dropped sharply after whipsawing on the day after Trump's first debate with President Joe Biden.

Shares of Trump Media dipped at the opening bell Tuesday after the company, whose majority owner is former President Donald Trump, said it collected more than $105 million through the cash exercise of warrants.

The proceeds came during a 12-day stretch starting June 20, two days after the company behind the social media platform Truth Social announced that its registration of new shares was declared effective by the Securities and Exchange Commission.

That declaration permitted the issuance of millions of shares of Trump Media stock upon the exercise of warrants, which allow their holders to buy shares at a set price within a specified timeframe.

While the maneuver brings in money — Trump Media says it will net about $247 million in proceeds if all warrants are exercised for cash — it also threatens to dilute the company's stock price by swelling the float.

In addition to the proceeds from the exercise of the warrants, Trump Media said in a press release Tuesday that about $41 million of restricted cash "has recently become unrestricted."

The company — which trades on the Nasdaq using Trump's initials, DJT, as its ticker — said it has more than $350 million in cash and no debt on