SRM Entertainment, the Florida-based theme park supplier that was recently merged with Justin Sun’s TRON, saw its SRM stock soar by more than 530% at its last closing price.
According to data from Yahoo Finance, SRM Entertainment’s stock, selling under the ticker SRM, recently reached new heights after Sun announced his blockchain company Tron (TRX) is set to go public in a reverse merger involving the Florida-based company.
The SRM stock hit its highest peak by late June 16, reaching a high of 10.84, making the 10-fold leap from its initial 1.48 price just a day prior. Upon market close, SRM was still riding the high that followed after the Tron announcement made headlines, closing at 9.19.
Compared to its previous close, at 1.45 on June 13, the theme park supplier saw a 533% increase. Not only that, but the trading volume multiplied from an initial 2.05 million in shares to 250 million in trading volume.
In turn, Tron’s price also jumped to nearly $0.30 following the announcement. At press time, the token has gone up by nearly 2.5%, trading at a price of $0.28. Its current price stands 35% below its previous all-time high of $0.43 from December last year.
This meteoric rise in the Nasdaq-listed SRM stock was mostly fueled by its recent $210 million-reverse merger with Justin Sun’s Tron. However, the merger also resulted in the company considering a complete name change and a new treasury strategy.
Justin Sun’s Tron and SRM Entertainment’s reverse merger
According to the company’s press release, the company plans to rename itself as “Tron” and begin accumulating the Tron tokens to maximize shareholder value, as part of its shift into the new Tron-led “Treasury Strategy.”
“We are excited to invest into the future of the world’s next generation financial infrastructure,” said Chief Executive Officer of SRM Entertainment, Rich Miller.
Additionally, the company elected Tron founder Justin Sun as an advisor for the Florida firm. It also declared that it has received a $100 million equity investment from a “private investor.”
As previously reported by crypto.news, the merger was arranged by boutique investment bank Dominari Securities. The firm is well-known for having ties with the Trump family, specifically Donald Trump Jr. and Eric Trump.
However shortly after the deal was widely reported, Eric Trump posted a statement on X denying any involvement with the firm.
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