Trump Media & Technology Group (NASDAQ: DJT) stock is surging Monday. The social media company's share price was up 20.4% as of 12:15 p.m. ET, according to data from S&P Global Market Intelligence.

After a brutal stretch of sell-offs, Trump Media stock is gaining ground today following recent comments from the company stating that it will receive a major new funding source thanks to stock warrants being exercised. The stock may also be gaining ground in conjunction with developments in one of the court cases against the former president and current presidential candidate.

On Friday, Trump Media published a press release stating that it expected to receive more than $69.4 million in cash proceeds from stock warrants exercised on June 20 and June 21. If all warrants covered by the registration statement that was approved by the Securities and Exchange Commission (SEC) on June 18 are executed, the company says it could generate a total of $247 million in proceeds.

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Source Fool.com