DeFi Development Corp. plans $20M preferred stock offering

DeFi Development Corp. (Nasdaq: DFDV) announced plans to conduct an initial public offering of up to $20 million in shares of its Variable Rate Series C Perpetual Preferred Stock, referred to as "CHAD Stock," according to a press release from the Boca Raton, Florida-based company.

The company also expects to grant the underwriter a 30-day option to purchase up to an additional 15% of shares offered. The offering is subject to market and other conditions, and there is no assurance as to whether or when it may be completed.

The CHAD Stock carries a stated value of $10.00 per share and is expected to accrue cumulative dividends at an initial annual rate of 13.00%, payable daily. The rate is subject to adjustment per the terms of the stock. The first regular dividend payment is scheduled for October 1, 2026. The stock is perpetual with no stated maturity date.

At closing, the company intends to establish a dividend reserve equal to 12 months of payments at the 13.00% annual rate, funded at $1.30 per share from existing cash, cash equivalents, financial instruments, and digital assets.

The company said it intends to use net proceeds for general corporate purposes, including working capital, acquisition of Solana (SOL) tokens, other digital asset-related investments, and strategic transactions.

R.F. Lafferty & Co., Inc. is acting as sole book-running manager for the offering. The CHAD Stock will be offered under a shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission, declared effective on April 27, 2026.

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