CoinVoice has recently learned that, according to Globenewswire, Yorkville Acquisition Corp. (Nasdaq: YORK), Trump Media & Technology Group (Nasdaq, NYSE Texas: DJT), and Crypto.com have announced that they have reached a definitive agreement for a business combination aimed at establishing Trump Media Group CRO Strategy, Inc., a digital asset reserve company focused on acquiring the native token CRO of the Cronos ecosystem. Yorkville Acquisition Corp. is a special purpose acquisition company (SPAC) initiated by Yorkville Acquisition Sponsor LLC ('Yorkville').
After the business combination is completed, Trump Media Group CRO Strategy will be jointly held by Yorkville, Trump Media, and Crypto.com as founding partners with a majority stake. The expected sources of funding for the digital asset reserve company include: $1 billion worth of CRO (6,313,000,212 CRO, accounting for approximately 19% of the total market value of CRO at the time of the announcement), $200 million in cash, $220 million in cash from mandatory exercise warrants, and a $5 billion equity credit line provided by Yorkville affiliate YA II PN, Ltd., totaling $6.42 billion. This will make it the first and largest publicly listed CRO reserve company.
To demonstrate their long-term commitment to the Trump Media Group CRO Strategy, Yorkville, Trump Media, and Crypto.com have agreed to implement a mandatory initial lock-up period of one year on their founding equity after the business combination is completed, followed by a gradual release according to a three-year schedule.
Additionally, the Trump Media & Technology Group will integrate the Crypto.com digital wallet and will incorporate the CRO token on the Truth Social and Truth+ platforms. [Original link]