For holders of Strive Inc.'s 15% Series A Perpetual SATS Preferred Stock, the board declared a first $0.8710 distribution on Oct. 21, with payment set for Nov. 9.
Holders of record Nov. 6 qualify. Strive closed its $630 million SATS offering on Oct. 20, selling 7 million shares at $90 each. The sale was expanded from an initial 5 million shares and produced $630 million in gross proceeds, with estimated net proceeds of $608.15 million after costs.
The $0.8710 payment spans the initial accrual window from Oct. 21 to Nov. 9: eight business days fall through Oct. 31, with six more running from Nov. 1 through Nov. 9. Dividends accrue at 15% annually against a $100 stated amount, equivalent to $15 per share over a full year if all distributions are paid. The $0.8710 payment covers only the opening period. Investors paid $90 per share in the offering, below the amount used to calculate dividends.
Strive's terms set a payment date for every business day, beginning Nov. 9. Each payment depends on a board declaration and funds legally available for distribution. A missed declaration does not prevent dividends from building up, but accumulated amounts generate no extra interest or dividends.
For the first 18 months, Strive plans to set aside $22.50 per share for the dividend reserve, funded by cash and securities it holds. The company expects future capital raises to become its main source of cash for dividends after that period. Strive also listed Bitcoin (BTC) purchases, working capital, income-generating assets, capital spending, share repurchases and acquisitions as possible uses for remaining offering proceeds, without assigning a specific amount to any one purpose.
SATA preferred stock and existing or future debt take priority over SATS, which ranks above Strive's common stock. Claims against Strive subsidiaries also take precedence over SATS.
