05:22 PM EDT, 06/18/2024 (MT Newswires) -- Trump Media & Technology Group ( DJT ) said late Tuesday the Securities and Exchange Commission has declared "effective" its registration statement related to the resale by certain selling securityholders of certain shares and warrants.

Shares of the Truth Social platform operator sank nearly 14% in after-hours activity, following a decline of almost 10% in regular trading.

The company's warrants covered by the registration statement have also become eligible for exercise. The firm may receive up to $247 million in proceeds if all warrants are exercised. Additionally, $40 million of restricted cash on the balance sheet will become unrestricted.

The company said these funds would supplement the more than $200 million in unrestricted cash the company now retains.

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