DeFi Development Corp. Completes $11 Million IPO of CHAD Preferred Stock

Odaily News: DeFi Development Corp. disclosed that the initial public offering of its variable-rate Series C perpetual preferred stock, "CHAD Stock," was priced on September 3, with 1.375 million shares issued at $8.00 per share, resulting in estimated gross proceeds of approximately $11 million, before deducting underwriting discounts, commissions, and offering expenses. The underwriters have also been granted an option to purchase an additional 206,250 shares within 30 days, with the transaction expected to settle on September 8. The net proceeds from the offering will be used for general corporate purposes, including the purchase of Solana (SOL) and other digital assets, pursuing strategic transactions, and implementing growth initiatives.