DeFi Development Approves CHAD Preferred Stock Buyback Plan
DeFi Development has given the green light to an open-ended buyback program for its CHAD preferred stock, enabling repurchases when the security trades below its $10 par value. The Solana-focused company, listed on Nasdaq, has no immediate plans to initiate the buybacks, emphasizing its goal of stabilizing CHAD around par first.
The authorization allows DeFi Development to repurchase all outstanding and future CHAD preferred shares, providing flexibility to support the stock if it falls below its $10 par value. Chief Executive Joseph Onorati highlighted that the framework establishes essential infrastructure for potential future buybacks, should the stock dip below par.
This latest move complements DeFi Development’s existing $300 million CHAD at-the-market program, reinforcing its broader strategy centered on Solana exposure. The company also paid its first CHAD dividend on October 1, a step aimed at enhancing trading stability and aligning the preferred stock closer to its par value.