04:58 AM EDT, 06/20/2024 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

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 security holders of certain shares and warrants.

Shares of the Truth Social platform operator were down more than 8% in premarket activity at the time of writing on Thursday after trading as low as about 14% in after-hours activity on Tuesday. The equity market was closed on Wednesday to observe Juneteenth.

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.

Price: 28.66, Change: -2.65, Percent Change: -8.46