DeFi Development Secures $19.8M in CHAD Stock Offering

DeFi Development Corp. has completed its Variable Rate Series C Perpetual Preferred Stock offering, raising $19.8 million in gross proceeds before underwriting commissions and other expenses.

The company priced 2.2 million CHAD shares at $9 each, with the underwriter having a 30-day option to acquire an additional 330,000 shares at the public offering price minus commissions.

The initial dividend rate on CHAD is 13%, calculated against the $10 stated amount per share, which translates to an effective annual yield of approximately 14.44% based on the starting dividend.