Trump Media said it could potentially snap up proceeds of $247 million if all warrants are exercised.

The news arrived on the heels of the Securities and Exchange Commission last week signing off on the company's registration statement and on the resale of shares and warrants.

Around 14.3 million shares of Trump Media have changed hands so far on Monday, almost double the average activity in shares. Since Trump Media's merger with a special purpose acquisition company was completed on March 26 through Friday's close, the stock has seen an average daily trading volume of 7.5 million shares.

The stock was up 28% to $35.42. So long as the stock gains more than 25.7% on Monday, it will notch its largest one-day percentage gain since that merger.

Shares have fallen 30% in June following Trump's conviction in the hush-money trial. They're on track for their worst monthly drop since December 2022. The stock has gained 97% this year.

And coming later this week is the first presidential debate of the 2024 election season. President Joe Biden and Donald Trump will face off on Thursday in Atlanta.