DeFi Development launches $300M ATM program for CHAD preferred stock
- —The ATM program allows issuance of up to 30 million CHAD shares at $10 par — up to $300 million
- —Dividend of 13% per annum on par, or $39 million a year at full issuance
- —Agent R.F. Lafferty will receive up to 0.75% of gross proceeds
- —As of September 11, the company's treasury held 2,388,923 SOL, up 55,491 since August 27
Why it matters: The company gains an optional funding channel for further SOL purchases, but the ongoing dividend burden weighs on cash flow.
Source: CryptoSlate