DeFi Development Completes $11 Million Class C Preferred Stock IPO Pricing

DeFi Development Corp. (Nasdaq: DFDV) completed the pricing of its variable-rate Class C perpetual preferred stock initial public offering on September 3, issuing 1.375 million shares at a price of $8 per share. The underwriters have the option to purchase up to an additional 206,250 shares, with total proceeds expected to be approximately $11 million, intended for the acquisition of SOL and other digital asset-related investments and general corporate purposes. The offering is expected to close on September 8, with the first regular dividend to be paid on October 1. R.F. Lafferty & Co., Inc. is acting as the sole book-running manager. DeFi Development plans to maintain a dividend rate that keeps the stock trading price between $9.95 and $11 per share, with any adjustments to the regular dividend rate not exceeding 50 basis points per period. If dividends are not paid on time, they will accumulate monthly with an initial compounding interest rate of 25 basis points, capped at an annualized rate of no more than 20%. After the stock is listed, the company has the right to redeem all or part of the shares at a price of $11 per share; if the number of shares outstanding falls below 25% of the original issuance, DeFi Development also has the right to conduct a clean-up redemption.