Strive Shares Drop After Sales Agreement for $1B Preferred Stock
Dow Jones10-27
Strive were lower after the company said it entered into a sales agreement in which it may issue and sell shares of its 15.00% Series A perpetual SATS preferred stock, with an offering price of up to $1 billion.
The stock was 6% lower, at $27.40, on Monday, but is 25% higher in the past 12 months.
The finance company said it intends to use the proceeds for general corporate purposes, including the acquisition of bitcoin and bitcoin-related products, and for working capital.
The SATS stock may be sold by the sales agents by any method that is deemed an "at-the-market" offering.
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