DeFi Development Corp Prices CHAD Stock Offering at $9 per Share
DeFi Development Corp (Nasdaq) has launched an offering of its new preferred stock, CHAD Stock. The company priced 2.2 million shares at $9 each, aiming to raise $19.8 million in gross proceeds before fees and expenses. This amount could increase to $22.77 million if the underwriter option is fully exercised.
The CHAD Stock carries a stated value of $10 and an initial annual dividend rate of 13%. Based on this starting dividend, investors will receive an effective annual yield of about 14.44%.
The company plans to allocate approximately $2.86 million from the proceeds to cover the first year's dividends at the current rate. DeFi Development Corp may use the remaining funds for working capital, acquisitions, digital asset investments, or additional Solana purchases. However, it has not assigned a fixed amount for Solana.