Trump Media & Technology Group Corp. (TMTG) entered into an amended and restated unsecured convertible promissory note with its merger partner, TAE Technologies, Inc. This agreement modifies a previous financing arrangement, providing TAE with up to $300 million in funding in connection with the planned merger. On the same day, the companies filed a Form S-4 registration statement with the SEC, a key step in advancing the proposed merger.
Key Details
- Financing Structure: The note consists of a $200 million initial principal amount (First Tranche) already funded and allows TAE to draw down up to an additional $100 million (Second Tranche), for a total potential principal of $300 million.
- Note Terms: The note accrues interest at 7% per annum, payable-in-kind (PIK), which increases the outstanding principal. The maturity date is two years from the initial funding date of each respective tranche.
- Merger Progress: The financing is directly tied to the Merger Agreement dated December 18, 2025. The filing of the Form S-4 on September 30, 2026, formally initiates the registration process for the merger transaction.
- Pre-Conversion Rights: The amended note grants TMTG pre-conversion voting rights in TAE, effective immediately and independent of any conversion event.