https://s3.amazonaws.com/sec.irpass.cc/2660/0001140361-24-019745.htm
TMTG filed a S1 to issue more stock and to exercise warrants.
Up to 21,491,251 Shares of Common Stock Issuable Upon the Exercise of Warrants Up to 146,108,680 Shares of Common Stock Up to 4,061,251 Warrants to Purchase Common Stock
Thought about it some more ...
I bet it has to do with the warrants.
Stock held to buy more stock for the warrants that could be exercised.
They are issuing new stock, partly to have it available for the warrant exercise, and the cash is also held for that purpose.
I don't know if or how much cash will be made available for operations vs. how much will be to deal with the warrants, but they better have some for operations, or this will be a big problem.