Shares of Tron Inc. (Nasdaq: TRON), the company that holds most of its assets in TRX and is chaired by Weike Sun, the father of TRON founder Justin Sun, closed at $1.10 on Monday 19 October at the 20:00 UTC close. That is ten cents above the Nasdaq $1 minimum bid price. During the session the stock touched $1.05, according to Nasdaq.com and Yahoo Finance data. Five days earlier the company signed an at-the-market sales agreement with Clear Street to sell up to $200 million of new shares.
No Nasdaq deficiency notice has reached Tron Inc. Its EDGAR filings, checked on 20 October, contain no Form 8-K under Item 3.01 (the item used to report such a letter) in 2025 or 2026, and the stock has not yet closed below $1.00.
Protos covered the slide on 19 October under a headline about the delisting price, while concluding in the same article that delisting is not imminent. For now there is a stock a few cents above a line, and a rule that only starts counting once the line is crossed.
Tron Inc. stock lost about 26% in four weeks
The decline has been steady. The stock closed at $1.49 on 21 September and at $1.10 on 19 October, a fall of roughly 26%. The company’s own prospectus supplement filed on 14 October gave $1.22 as the last reported sale price on 13 October.
| Date (US session) | Close | Note |
|---|---|---|
| 21 September 2026 | $1.49 | |
| 13 October 2026 | $1.22 | Last sale cited in the 424B5 prospectus |
| 14 October 2026 | $1.20 | Clear Street agreement filed |
| 15 October 2026 | $1.175 | Intraday low $1.08; 1.76 million shares traded |
| 16 October 2026 | $1.105 | |
| 19 October 2026 | $1.10 | Intraday low $1.05 |
These are closing trade prices. Nasdaq tests the closing bid, which can differ by a cent or two, so the table shows the trend rather than the exact compliance count.
Trading picked up on 15 October, the day after the Clear Street filing: 1.76 million shares changed hands, more than three times the average of the ten previous sessions, and the stock dipped to $1.08 before recovering to $1.175. No filing or report says why the stock has fallen over the past month, and nothing links the dip to the share-sale agreement.
The longer view is harsher. In June 2025, when SRM Entertainment, a maker of theme-park toys and souvenirs, announced a $100 million equity investment paid in TRX, its shares jumped more than 580% to $9.45 by midday on 16 June, Decrypt reported. The company took the Tron Inc. name in July 2025. A registration statement put the last sale at $8.74 on 24 July 2025. Protos counts two peaks near $12.80 and a first weekly close of $11.04; by its count the stock first ended a week below $2 in November 2025 and now sits about 90% below that first weekly close.
The company has met this rule before, as SRM Entertainment
This is not the first time the listing has been near the $1 line. On 21 October 2024, SRM Entertainment received a Nasdaq letter for 30 consecutive business days of closing bids under $1.00, reported in an 8-K on 25 October 2024. In April 2025 the company announced that Nasdaq had granted a second 180-day period, to 20 October 2025. Two months later the TRX deal sent the shares far above $1.
What the Nasdaq $1 rule says, and when a clock could start
The rule is Nasdaq Listing Rule 5550(a)(2), which requires a minimum closing bid price of $1.00. A recent example of how it is applied comes from AI Financial Corp, formerly ALT5 Sigma, which described its own notice in an 8-K filed on 2 July 2026.
Under Rule 5810(c)(3)(A), a deficiency exists once the closing bid has stayed under $1.00 for 30 consecutive business days. Nasdaq then sends a letter, which has no immediate effect on the listing. The company gets 180 calendar days to regain compliance. It does so by closing with a bid of at least $1.00 for 10 consecutive business days.
If that fails, Nasdaq may grant a second period of 180 days. To qualify, the company must meet the market value of publicly held shares requirement and the other initial listing standards of the Nasdaq Capital Market, bid price excepted, and must tell Nasdaq in writing that it intends to cure the deficiency during the second period. Only when both periods run out, or the second one is refused, does Nasdaq issue a delisting determination, which the company can appeal to a Hearings Panel.
Applied to Tron Inc., the rule gives a long calendar. The following dates are Coindaro’s own calculation, not dates set by Nasdaq. If the closing bid stayed under $1.00 on every trading day from 20 October, the 30th business day would fall on 1 December 2026, counting the Thanksgiving closure on 26 November. A letter would follow within days, and the first 180-day window would run to about the end of May 2027. A second window, if granted, would run to about late November 2027. One close at $1.00 or above before the 30th day would restart the count.
Reverse splits are the usual cure, and Tron Inc. has announced none
Companies in this position often consolidate their shares, swapping several old shares for one new one so the price rises mechanically. The AIFC filing names a reverse split as one of the options it may consider. Protos noted that Tron Inc. could do the same if it had to. The company has filed no plan for one and has made no statement on its share price.
A $200 million share-sale programme against a company worth about $522 million
The Clear Street agreement lets Tron Inc. sell common stock into the market from time to time, up to $200 million in total, paying the broker a commission of up to 3% of gross proceeds. The sales run under a shelf registration already on file (No. 333-288986). Neither side is obliged to sell anything, and no sales under the programme have been reported in its first week.
Scale matters here. The 424B5 counts 474,432,064 shares outstanding before the offering. At the $1.10 close of 19 October that is a market value of about $522 million, so the full programme would equal roughly 38% of the company’s current value. At that price, raising $200 million would mean issuing about 180 million new shares.
The free float is thin. The same filing values the shares held by non-affiliates at $112.8 million, on 52,465,676 shares, about 11% of the total. The rest is held by affiliates. Bravemorning Limited, which the 10-Q describes as a related party, converted its preferred stock into 200 million common shares in April 2026. The filings do not say how much of the affiliate stake is linked to Justin Sun himself.
Protos wrote that it is unclear whether the Clear Street deal will help. The trade-off is visible in the accounts: selling stock near $1 adds supply when the price is closest to the threshold, but it brings in cash the company does not generate from operations. Its operating loss for the first half of 2026 was $1.13 million.
What Tron Inc. owns: TRX worth about $250 million, by Protos’ count
Protos put the company’s public wallet at just over $250 million worth of TRX on 19 October, and its market value at nearly twice that. Coindaro has not checked the wallet itself. TRX, the token of the TRON network, traded near $0.3315 at 05:11 UTC on 20 October.
The 10-Q for the second quarter gives the composition at 30 June 2026: about 12.9 million TRX and about 559.4 million sTRX, a liquid staking receipt issued by JustLend, with a combined fair value of $233.8 million. The company staked 365.1 million TRX there on 28 June 2025 and another 312.5 million on 28 August 2025. In January 2026 it agreed with BiT Global Digital Limited (BGDL), which the 10-Q lists as an affiliate, to buy $18 million of TRX over 360 days; $10.05 million of the prepayment was still unused at the end of June.
Net income for the first half of 2026 was $24.5 million, mostly from $21.1 million of unrealised gains on digital assets and $6.3 million of staking income. Total current assets were $21.6 million on 30 June. The company’s value therefore moves with TRX, while its cash generation stays small.
On 19 October the company filed an 8-K announcing that it had been elected the 27th Super Representative on the TRON network, a role that involves block production and governance, with 0.76 billion delegated TRX as of 18 October. Chief executive Rich Miller described it in the attached press release as a step toward “recurring on-chain revenue”. Our look at TRON stablecoin volumes and TRX supply covers the network side.
Other crypto treasury companies already received the Nasdaq letter
Some listed crypto holders have already crossed the line. AI Financial Corp, the World Liberty Financial token treasury formerly called ALT5 Sigma, received its bid-price letter on 1 July 2026, after 30 June marked the 30th consecutive day under $1.00. Its deadline is 28 December 2026.
Protos reported on 19 October that ALT5 Sigma stock had fallen 96% since the WLFI deal, from $8.97 to $0.35. Yahoo Finance data show a close of $0.36 on 19 October.
KindlyMD, the bitcoin treasury company behind Nakamoto, received a notice in December 2025 with a deadline of 8 June 2026, Cointelegraph reported on 16 December 2025; the stock was then at $0.39. K Wave Media, which calls itself a Korean cultural innovation and digital asset company, disclosed a bid-price letter dated 7 January 2026, with a deadline of 6 July 2026. Coindaro has not checked how either case ended.
The pressure on the model is wider than one ticker. In recent days SkyAI sold all of its SOL to buy back its own stock, and Strategy’s STRC preferred stock slipped below its buyback band. Tron Inc. differs in one respect: affiliates hold most of its shares, so the public float that sets the daily price is small.
Tron Inc. and Nasdaq: what to watch in the coming weeks
A close under $1.00 comes first. Until that happens, no count starts. After it, the closing bid would need to stay under the line for 30 consecutive business days before Nasdaq writes. Item 3.01 of Form 8-K would then require the company to disclose the letter within four business days of receiving it.
Sales under the Clear Street programme would show up in later filings. The previous two 10-Qs were filed on 8 May and 11 August, so the report for the quarter to 30 September, with the TRX balance at that date, should come in mid-November.
So far the company’s filings talk about staking, the Super Representative seat and the share-sale programme. None of them mentions the share price.