Trump Media says SEC decision could lead to $247 million in proceeds

Trump Media & Technology Group, which operates Truth Social, announced that the Securities and Exchange Commission has "declared effective the company’s registration statement on Form S-1, related to the resale by certain selling security holders of certain shares and warrants issued by and issuable from the company."

The SEC's decision could lead to about $247 million in proceeds, the company said in a news release.

"Additionally, $40 million of restricted cash on the Company’s balance sheet will become unrestricted as a result of the Registration Statement becoming effective," the company said. "These funds would supplement the more than $200 million in unrestricted cash the Company now retains."

TMTG CEO Devin Nunes said the SEC decision was another milestone for the company.

"With our S-1 declared effective, we’re expecting to be well positioned to energetically pursue TV streaming, other enhancements to the platform, and potential mergers and acquisitions. With approximately 620,000 retail shareholders supporting our vision, the company looks forward to expanding quickly and robustly," he said in a statement.