Trump Media Files S-4 for All-Stock TAE Fusion Merger; DJT Trades Below $9

Trump Media & Technology Group (DJT) and TAE Technologies filed a Form S-4 registration statement with the SEC on Sept. 30, 2026, advancing their proposed all-stock merger announced in December 2025. The SEC has not yet declared the filing effective. Shares of DJT trade below $9, down 49% from their October 2025 high of $17.97. The combined company would be split roughly 50/50 between TMTG and TAE shareholders on a fully diluted basis. TAE, founded in 1998, holds more than 1,600 patents and reports a $1.8 billion accumulated deficit, warning of "substantial doubt" about its ability to continue as a going concern absent new funding. DJT fell 47.1% over the past 52 weeks and 33.6% in 2026. Second-quarter revenue rose 89% year over year to $1.7 million, while the net loss widened to $238.1 million from $20 million, driven largely by $190.4 million in unrealized losses on digital assets and equity securities.