Analysis of SRM given by AI: According to public information, SRM Entertainment (NASDAQ: SRM) has entered into a strategic partnership with Justin Sun's Tron, which plans to list Tron on the NASDAQ in the United States through a reverse merger. The details are as follows: SRM will issue 100,000 Series B convertible preferred shares at a conversion price of $0.50 per share, which will be converted into an aggregate of 200 million shares of common stock. SRM will also issue 220 million warrants at an exercise price of $0.50 per share, which will subscribe for a total of 220 million shares of common stock. If the warrants are fully exercised, SRM will add approximately 420 million new shares of common stock, which is 23.36 times higher than the current number of approximately 17.24 million shares outstanding. This means that the original shareholders' shareholding will be diluted to about 3.94%, i.e. about 4% of the current outstanding shares, and the remaining 96% will be occupied by the new shares. The strategic investment, with a total value of approximately $210 million, will be used primarily to build TRON's TRX token treasury strategy, with Justin Sun appointed as the company's advisor and SRM plans to change its name to Tron Inc. About your question: Is this 96% of the shares realized by additional issuance? Yes, 96% of the shares are realized through the conversion of Series B convertible preferred shares and the additional issuance of common shares following the exercise of the warrants, and the full issuance and exercise of the rights have not yet been completed. Haven't you issued an additional issue yet? At present, the company has announced the issuance plan and signed relevant agreements, but the conversion of the additional preferred shares and the exercise of the warrants still need time and shareholder approval, and the additional issuance has not yet been completed, and the current outstanding shares are still about 17.24 million shares. Does this mean that the current fully tradable shares will become 4%, and the market value should be multiplied by (96/4) after the additional issue? Yes, the original shareholders' shareholding will be diluted to approximately 4%, and the total share capital after the additional issue will be approximately 23 times the current outstanding shares. Theoretically, if the stock price remains unchanged, the market value will be enlarged according to the proportion of share capital expansion, that is, the current market value will be multiplied by about (96/4=24) times, which is the market value expectation fully reflected after the additional issuance. However, the actual market value will also be affected by the market's recognition of the value of the company after the additional issuance. Summary: SRM's current share price is about $11, and the total share capital will increase significantly after the completion of the additional offering, with the original shareholders' shareholding diluted to about 4% and the new shareholders holding about 96%. The theoretical market value of the additional issuance should be about 24 times the current market value, but the actual market value depends on the market's recognition of the TRON strategy and the value of TRX's treasury. The above analysis is based on SRM's official announcement and multiple financial media reports