Trump Media and Technology Group (NYSE: DJT) has taken a significant step toward closing its proposed merger with TAE Technologies, filing a Form S-4 registration statement with the SEC on September 30, 2026.
The filing moves forward a deal first announced in December 2025, combining TMTG’s media and financial services businesses with TAE’s work in fusion energy, power management, and life sciences.
Under the terms of the merger agreement, shareholders of both companies would each own approximately 50% of the combined entity on a fully diluted basis upon closing.
The SEC has not yet declared the registration statement effective, meaning securities to be issued as part of the deal cannot be sold until that step is completed.
Alongside the S-4 filing, TMTG and TAE Technologies entered into an amended and restated unsecured convertible promissory note on September 30, consolidating a $200 million initial funding tranche with provisions for up to an additional $100 million.
The note carries interest paid in kind and includes extensive conversion and voting rights for TMTG, giving the media company significant influence over TAE’s capital structure ahead of any closing.
Kevin McGurn, Interim Chief Executive Officer of TMTG, said, “Today’s filing is a key step toward closing this merger and providing capital to fund TAE’s development of commercial fusion power.”
Michl Binderbauer, Chief Executive Officer and Chief Technology Officer of TAE Technologies, added, “TMTG has been a strong supporter in our effort to commercialize our technologies.”
TAE Technologies, founded in 1998, develops commercial fusion energy alongside power management applications, AI-oriented power solutions, and fusion-derived cancer therapies, making it an unusual partner for a social media and fintech company.
TMTG’s own portfolio centers on the Truth Social platform, the Truth+ streaming service, and its Truth.Fi financial services brand, which focuses on America First investment products.
Despite the merger headline, DJT shares are currently trading below $9, well off the 52-week high reached in October 2025, reflecting ongoing investor skepticism about the company’s financial fundamentals.
Following the release of its second-quarter results in August, DJT stock fell 8%, as investors weighed a steep quarterly loss against the company’s still-modest revenue base.
With a market capitalization of roughly $2.5 billion, TMTG remains a headline-sensitive stock where the gap between narrative momentum and financial performance continues to shape the investment case.
The proposed merger could meaningfully redefine the company’s long-term profile, but analysts and investors alike may find it prudent to monitor position sizes carefully given the elevated risk and ongoing volatility.
