Figure files registration for blockchain-native equity securities offering

Figure Technology Solutions Inc. (NASDAQ: FIGR) filed a registration statement with the Securities and Exchange Commission for a proposed offering of Series A Blockchain Common Stock, according to a company statement.

The blockchain-native equity securities will trade on Figure's alternative trading system and convert to Class A Common Stock on a one-for-one basis. The securities will exist entirely on the Provenance Blockchain and settle in self-custody user wallets rather than through the Depository Trust & Clearing Corporation.

The blockchain stock will trade continuously and allow holders to lend shares through Democratized Prime, a decentralized finance protocol. Transactions will settle using Figure's $YLDS stablecoin, which the company describes as the first SEC-registered transferable yielding stablecoin.

The offering will be non-dilutive to existing shareholders. Goldman Sachs & Co. LLC, Morgan Stanley and Cantor will serve as underwriters for Class A Common Stock sales by existing investors. Figure will purchase those shares on a one-for-one basis to hold in treasury for conversions.

The registration statement has not yet become effective, and the number of shares and price range have not been determined. The company will host a conference call on November 18 at 4:15 p.m. Eastern Time to discuss the offering.

Figure operates a blockchain-based capital marketplace and has originated over $19 billion in home equity loans with its partners. The company's ecosystem includes loan origination systems, an alternative trading system, and the $YLDS stablecoin issued by Figure Certificate Company.

You May Also Be Interested In