Strive, Inc. announced its intention to conduct a registered initial public offering of 5,000,000 shares of its 15.00% Series A Perpetual SATS Preferred Stock. The company intends to use the net proceeds for general corporate purposes, including the acquisition of bitcoin and related products, working capital, and potential share repurchases.
Key Details
- Offering Size: 5,000,000 shares of 15.00% Series A Perpetual SATS Preferred Stock.
- Terms: The stock has a stated amount and initial liquidation preference of $100 per share and will accumulate cumulative dividends at a 15.00% annual rate.
- Use of Proceeds: To fund acquisitions of bitcoin and bitcoin-related products, working capital, capital expenditures, and potential repurchases of its Class A common stock or other preferred stock.
- Dividend Reserve: Strive intends to establish a dividend reserve at closing equal to the first 18 months of dividend payments ($22.50 per share).