Strive, Inc. set a $90 price for seven million SATS preferred shares Thursday, Oct. 15, estimating gross proceeds of about $630 million before costs, with net proceeds potentially funding Bitcoin purchases.
Strive disclosed the final price and share count in a Form 8-K filed with the Securities and Exchange Commission. The finalized offering is two million shares larger than Strive’s initial five-million-share proposal. The shares have a $100 stated amount apiece, making the issue’s aggregate stated amount $700 million; the lower sale price results in estimated gross proceeds of about $630 million.
Strive may use net proceeds for general corporate purposes, including Bitcoin (BTC) and related products. Other possible uses include working capital and income-generating assets, along with acquisitions, capital spending and share repurchases. The company has not said how much, if any, would go toward Bitcoin purchases.
Dividends accrue at a 15% yearly rate based on the $100 stated amount for each share. The preliminary prospectus supplement dated Tuesday, Oct. 13, says a dividend payment must be declared by the board or an authorized committee and come “out of funds legally available for their payment.”
Settlement is scheduled for Tuesday, Oct. 20, subject to closing conditions.
