PANews reported on August 26th that, according to Globenewswire, Yorkville Acquisition Corp. (Nasdaq: YORK), Trump Media & Technology Group (Nasdaq, NYSE Texas: DJT), and Crypto.com announced that they have entered into a definitive agreement for a business combination to form Trump Media Group CRO Strategy, Inc., a digital asset reserve company focused on acquiring Cronos' native token, CRO. Yorkville Acquisition Corp. is a special purpose acquisition company (SPAC) sponsored by Yorkville Acquisition Sponsor LLC ("Yorkville").
Upon completion of the business combination, Trump Media Group CRO Strategies will be majority-owned by Yorkville, Trump Media, and Crypto.com as founding partners. This digital asset reserve company is expected to be funded by $1 billion in CRO (6,313,000,212 CRO, representing approximately 19% of the total CRO market capitalization at the time of this 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., for a total of $6.42 billion. This will make it the first and largest publicly traded CRO reserve company. To demonstrate their long-term commitment to Trump Media Group CRO Strategies, Yorkville, Trump Media, and Crypto.com have agreed to a mandatory initial one-year lockup period for their founding shares upon completion of the business combination, followed by a three-year phased release schedule.
