| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
DeFi Development Corp. (NASDAQ:DFDV) (the "Company" or "DeFi Dev Corp."), the first US public company with a treasury strategy built to accumulate and compound Solana ("SOL"), today announced that, subject to market and other conditions, it intends to offer, in a public offering registered under the Securities Act of 1933, as amended (the "Securities Act"), up to $65,000,000 of shares of 10.00% Series C Cumulative Perpetual Preferred Stock (the "Series C Preferred Stock").
The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of SOL and for working capital.
The holders of the Series C Perpetual Preferred Stock will be entitled to receive, when, as and if declared by the Company's Board of Directors, only out of funds legally available for the payment of dividends, cumulative cash dividends at the annual rate of 10.00% of the $100.00 liquidation preference per year, quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on December 31, 2025.
Holders of the Series C Preferred Stock will have the right to convert their shares of Series C Preferred Stock into shares of the company's common stock (together, if applicable, with cash in lieu of any fractional share of common stock), in certain circumstances and during specified periods, at the then-applicable conversion rate.
The Company will have the right, at its election, to redeem all, and not less than all, of the Series C Preferred Stock, at any time, for cash if the total aggregate liquidation preference of all Series C Preferred Stock then outstanding is less than 25% of the aggregate liquidation preference of the Series C Preferred Stock issued in the offering. In addition, the Company will have the right to redeem all, but not less than all, of the Series C Preferred Stock if certain tax events occur. The redemption price for any Series C Preferred Stock to be redeemed will be a cash amount equal to the liquidation preference of the Series C Preferred Stock to be redeemed (or, in the case of a redemption in connection with a tax event, the greater of (1) the liquidation preference of the Series C Preferred Stock to be redeemed; and (2) the average of the last reported sale prices per share of Series C Preferred Stock for the five consecutive trading days ending on, and including, the trading day immediately before the date on which the Company sends the related redemption notice), plus accumulated and unpaid regular dividends to, but excluding, the redemption date.
No public market currently exists for Series C Preferred Stock. We have applied to list the Series C Preferred Stock on The Nasdaq Capital Market under the symbol "CHAD." If the listing is approved, we expect trading to commence within 30 days after the date the Series C Preferred Stock is first issued.
The Benchmark Company, a StoneX Company, is acting as the book-running manager for the offering. Craig-Hallum, Rosenblatt, and Haitong International are acting as co-managers for the offering.
Posted In: DFDV
