Bravemorning lifts Tron (TRON) stake to 420M shares via conversions

Rhea-AI Filing Summary

Tron Inc. director and 10% owner Weike Sun, through Bravemorning Limited, reported large equity acquisitions in Tron common stock. Bravemorning first bought 100,000 shares of Series B Convertible Preferred Stock and PIPE warrants on June 16, 2025, for $100,000,000 paid in 365,096,845 TRX. Those preferred shares are convertible into 200,000,000 common shares at $0.50 per share, and the PIPE warrants cover up to 220,000,000 common shares at a $0.50 exercise price.

On August 27, 2025, Bravemorning exercised the PIPE warrants in full, and on August 29, 2025, Tron issued 220,000,000 common shares to Bravemorning for $110,000,000 paid in 312,500,100 TRX. On April 2, 2026, Bravemorning converted all 100,000 Series B preferred shares, and Tron issued a further 200,000,000 common shares. Following these transactions, Bravemorning’s indirect common stock holdings reported for Sun totaled 420,000,000 shares, with no remaining reported derivative securities.

Insights

Equity capital markets analyst

Bravemorning fully converts a large PIPE-style investment into 420M Tron shares.

Bravemorning Limited, associated with director and 10% owner Weike Sun, funded Tron with $100,000,000 for preferred stock and PIPE warrants and later paid $110,000,000 to exercise those warrants. All instruments convert at a stated $0.50 per share into common stock.

Economically, this sequence turns substantial derivative and preferred exposure into 420,000,000 Tron common shares, consolidating the position into straight equity while eliminating the related preferred and warrant overhang. The filing shows indirect ownership through Bravemorning, with no remaining reported derivative securities after the April 2, 2026 conversion.

The net effect is a significant, fully paid-in equity stake rather than contingent securities. Future company filings may contextualize how this ownership level compares with total shares outstanding and how it influences governance and capital structure.

Insider Trade Summary

420,000,000 shares exercised/converted

Mixed 4 txns

Insider SUN Weike

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Exercise	Series B Convertible Preferred Stock	200,000,000	$0.00	--
Grant/Award	Common Stock	200,000,000	$0.50	$100.00M
Exercise	Common Stock Purchase Warrants	220,000,000	$0.00	--
Grant/Award	Common Stock	220,000,000	$0.50	$110.00M

Holdings After Transaction: Series B Convertible Preferred Stock — 0 shares (Indirect, See footnote); Common Stock — 420,000,000 shares (Indirect, See footnote); Common Stock Purchase Warrants — 0 shares (Indirect, See footnote)

Footnotes (1)

1. The reported securities are held directly by Bravemorning Limited ("Bravemorning"). Mr. Weike Sun is the sole shareholder of Bravemorning and may be deemed to beneficially own the securities held by Bravemorning. On June 16, 2025, Bravemorning purchased (i) 100,000 shares of Series B Convertible Preferred Stock, convertible into 200,000,000 shares of the Registrant's common stock at a conversion price of $0.50 per share and (ii) warrants to purchase up to 220,000,000 shares of the Registrant's common stock at an exercise price of $0.50 per share (the "PIPE Warrants") with the consideration of $100,000,000 paid in the form of 365,096,845 TRX. On August 27, 2025, Bravemorning exercised the PIPE Warrants in full and, on August 29, 2025, the Registrant issued 220,000,000 shares of Common Stock to Bravemorning. The Holder paid $110,000,000 to the Registrant in the form of 312,500,100 TRX as consideration for the issuance of these Common Stock shares. These securities do not have an expiration date. On April 2, 2026, the Registrant received a conversion notice from Bravemorning to convert all of its 100,000 shares of Series B Preferred Stock and, on April 2, 2026, the Registrant issued 200,000,000 shares of Common Stock to Bravemorning.

Key Figures

Series B preferred purchased: 100,000 shares Series B conversion ratio: 200,000,000 shares at $0.50/share PIPE warrants size: 220,000,000 shares at $0.50/share +5 more

8 metrics

Series B preferred purchased 100,000 shares Purchased June 16, 2025 by Bravemorning

Series B conversion ratio 200,000,000 shares at $0.50/share Common stock issuable from 100,000 preferred shares

PIPE warrants size 220,000,000 shares at $0.50/share Common Stock Purchase Warrants held by Bravemorning

Initial consideration $100,000,000 Paid as 365,096,845 TRX on June 16, 2025

Warrant exercise consideration $110,000,000 Paid as 312,500,100 TRX on August 27–29, 2025

Shares from PIPE warrant exercise 220,000,000 shares Common stock issued August 29, 2025

Shares from Series B conversion 200,000,000 shares Common stock issued April 2, 2026

Common shares held after transactions 420,000,000 shares Indirect holdings reported for Sun via Bravemorning

Key Terms

Series B Convertible Preferred Stock, Common Stock Purchase Warrants, PIPE Warrants, conversion notice, +1 more

5 terms

Series B Convertible Preferred Stock financial

"The reported securities are held directly by Bravemorning Limited ("Bravemorning"). Mr. Weike Sun is the sole shareholder of Bravemorning and may be deemed to beneficially own the securities held by Bravemorning. On June 16, 2025, Bravemorning purchased (i) 100,000 shares of Series B Convertible Preferred Stock, convertible into 200,000,000 shares..."

Series B convertible preferred stock is a class of shares sold during a later-stage private financing that combines features of a loan and common stock: it usually pays priority dividends or has a priority claim if the company is sold, and it can be converted into common shares under predefined rules. Investors care because these shares affect ownership stakes and payout order—like having a reserved place in line and a ticket that can turn into regular ownership—so they influence potential returns and dilution for other shareholders.

Common Stock Purchase Warrants financial

"Bravemorning purchased ... warrants to purchase up to 220,000,000 shares of the Registrant's common stock at an exercise price of $0.50 per share (the "PIPE Warrants"). These Common Stock Purchase Warrants were later exercised in full."

Common stock purchase warrants are tradable instruments that give the holder the right to buy a company’s common shares at a set price before a specified date, like a coupon that lets you purchase stock later at a fixed rate. They matter to investors because they offer a way to gain future upside if the stock rises, but when exercised they increase the number of shares outstanding and can reduce existing shareholders’ ownership and earnings per share.

PIPE Warrants financial

"warrants to purchase up to 220,000,000 shares of the Registrant's common stock at an exercise price of $0.50 per share (the "PIPE Warrants") with the consideration of $100,000,000 paid in the form of 365,096,845 TRX."

Pipe warrants are option-like securities issued together with a private investment in a publicly traded company that give the holder the right to buy a set number of shares at a fixed price for a limited time. They matter to investors because if holders exercise them the company receives new cash but the total number of shares increases, which can reduce each existing shareholder’s ownership and earnings per share and potentially pressure the stock price—like redeeming coupons that create more pieces of the same pie.

conversion notice financial

"On April 2, 2026, the Registrant received a conversion notice from Bravemorning to convert all of its 100,000 shares of Series B Preferred Stock..."

beneficially own financial

"Mr. Weike Sun is the sole shareholder of Bravemorning and may be deemed to beneficially own the securities held by Bravemorning."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SUN Weike

(Last) (First) (Middle)

C/O TRON INC.

941 W. MORSE BLVD. SUITE 100

(Street)

WINTER PARK FLORIDA 32789

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Tron Inc. [ TRON ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/27/2025		A		220,000,000	A	$0.5	220,000,000	I	See footnote(1)
Common Stock	04/02/2026		A		200,000,000	A	$0.5	420,000,000	I	See footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Purchase Warrants	$0.5	08/27/2025	08/29/2025	M			220,000,000(2)	06/16/2025	06/16/2027	Common Stock	220,000,000	$0	0	I	See footnote(1)
Series B Convertible Preferred Stock	$0.5	04/02/2026		M			200,000,000(4)	06/16/2025	(3)	Common Stock	200,000,000	$0	0	I	See footnote(1)

Explanation of Responses:

1. The reported securities are held directly by Bravemorning Limited ("Bravemorning"). Mr. Weike Sun is the sole shareholder of Bravemorning and may be deemed to beneficially own the securities held by Bravemorning. On June 16, 2025, Bravemorning purchased (i) 100,000 shares of Series B Convertible Preferred Stock, convertible into 200,000,000 shares of the Registrant's common stock at a conversion price of $0.50 per share and (ii) warrants to purchase up to 220,000,000 shares of the Registrant's common stock at an exercise price of $0.50 per share (the "PIPE Warrants") with the consideration of $100,000,000 paid in the form of 365,096,845 TRX.

2. On August 27, 2025, Bravemorning exercised the PIPE Warrants in full and, on August 29, 2025, the Registrant issued 220,000,000 shares of Common Stock to Bravemorning. The Holder paid $110,000,000 to the Registrant in the form of 312,500,100 TRX as consideration for the issuance of these Common Stock shares.

3. These securities do not have an expiration date.

4. On April 2, 2026, the Registrant received a conversion notice from Bravemorning to convert all of its 100,000 shares of Series B Preferred Stock and, on April 2, 2026, the Registrant issued 200,000,000 shares of Common Stock to Bravemorning.

	/s/ Weike Sun	04/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Tron (TRON) report for Weike Sun and Bravemorning Limited?

Tron reported that Bravemorning Limited, associated with director and 10% owner Weike Sun, acquired 420,000,000 common shares through conversion of Series B preferred stock and full exercise of PIPE warrants initially purchased on June 16, 2025 for cash-equivalent TRX consideration.

How many Tron (TRON) common shares does Bravemorning hold after these transactions?

After converting Series B preferred stock and exercising PIPE warrants, Bravemorning’s indirect holdings reported for Weike Sun total 420,000,000 Tron common shares. The filing also indicates that the related preferred shares and warrants were fully converted or exercised, leaving no remaining reported derivative position.

What were the key terms of Tron (TRON) Series B Convertible Preferred Stock and PIPE warrants?

Bravemorning bought 100,000 Series B Convertible Preferred shares, convertible into 200,000,000 common shares at $0.50 per share, plus PIPE warrants to purchase up to 220,000,000 common shares at a $0.50 exercise price, providing a defined path into common equity at that conversion level.

What consideration did Tron (TRON) receive from Bravemorning for these securities?

On June 16, 2025, Tron received $100,000,000 in the form of 365,096,845 TRX for the Series B preferred and PIPE warrants. When the PIPE warrants were exercised in August 2025, Tron received an additional $110,000,000, paid as 312,500,100 TRX for the resulting 220,000,000 common shares.

When did Bravemorning exercise the Tron (TRON) PIPE warrants and convert the preferred shares?

Bravemorning exercised the PIPE warrants in full on August 27, 2025, and Tron issued 220,000,000 common shares on August 29, 2025. On April 2, 2026, Bravemorning converted all 100,000 Series B preferred shares, and Tron issued 200,000,000 additional common shares that same day.