Strive Eyes About $630 Million in Upsized Sale of a New Fixed-Rate Preferred Stock

Strive set the price of its new SATS preferred stock at $90 a share late on Oct. 15, selling 7 million shares after adding 2 million to the deal, the Nasdaq-listed bitcoin treasury company announced . Gross proceeds are estimated at about $630 million before underwriting discounts and expenses, and the sale is scheduled to settle on Oct. 20 . When Strive launched the offering on Oct. 13, it planned to sell 5 million shares. The 15.00% Series A Perpetual SATS Preferred Stock accrues a cumulative dividend of 15% a year on a $100 stated amount per share, so buyers at $90 paid less than the figure the payout is calculated on.

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