Trump Media amends up to $300 million TAE convertible note, files S-4 for merger
Trump Media & Technology Group (TMTG) and TAE Technologies signed an amended and restated convertible promissory note that replaces a December 18, 2025 note tied to their pending all-stock merger. The amended note carries an initial $200 million first tranche, allows up to an additional $100 million second tranche, and caps total principal at $300 million plus PIK interest, so TMTG's financial exposure to TAE rises if the second tranche is drawn. The companies also filed a Form S-4 registration statement for the merger, which has not yet become effective.
Key points
- First tranche principal is $200 million; TAE may request up to $100 million more during a second tranche draw period.
- Second tranche draw period ends on the earlier of November 29, 2026 or termination of the merger agreement; each drawdown must be at least $50 million.
- Interest accrues at 7% per year and is paid in kind by adding to principal; accrued interest under the note was $10,969,863.01 as of signing.
- The note converts automatically on a qualified TAE financing of at least $300 million, and TMTG gets pre-conversion voting rights tied to 25% of the outstanding amount.
The filing
Written by AI on Nov 9, 2026, 11:44 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 30, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.