DeFi Development Corp Eyes More SOL With CHAD Raise

TLDR

• DeFi Development Corp priced 2.2 million CHAD preferred shares at $9 each, targeting $19.8 million in gross proceeds.
• The CHAD Stock carries a $10 stated value and an initial annual dividend rate of 13%.
• The $9 offering price gives investors an initial effective annual yield of about 14.44%, based on the starting dividend.
• DeFi Development Corp plans to create a roughly $2.86 million reserve to cover the first year of dividends at the initial rate.
• The company may use the proceeds for working capital, acquisitions, crypto investments, and additional Solana purchases.

DeFi Development Corp has priced its new preferred stock offering as the Solana treasury company seeks capital for corporate needs and possible SOL purchases. The Nasdaq-listed firm plans to sell 2.2 million Variable Rate Series C Perpetual Preferred Stock shares at $9 each, according to an SEC prospectus.

The offering, known as CHAD Stock, is expected to generate $19.8 million in gross proceeds before fees and expenses. An underwriter option could raise that total to $22.77 million if all additional shares are sold.

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