Why Cronos Is Skyrocketing Today
Cronos (CRYPTO: CRO) is flying higher on Tuesday, up 24.9% in the last 24 hours as of 1:38 p.m. ET today. The spike comes as the S 500 and the Nasdaq Composite are little changed.
Cronos, the token of the major exchange Crypto.com, is jumping after news broke that Crypto.com and Trump Media Technology are teaming up to create a new company that will acquire Cronos.
The parent company of Truth Social, Trump Media, will partner with Crypto.com to create a new entity that will be taken public via a SPAC deal. The entity will merge with Yorkville Acquisition and be listed under the ticker MCGA. The deal is funded with $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and an equity line of up to $5 billion from a Yorkville affiliate.
Source Fool.com
