Strive closed an upsized offering of seven million SATS preferred shares at $90 each, raising $630 million before underwriting fees and expenses. The shares began trading on Nasdaq on October 20. Strive said it may use the proceeds to buy more Bitcoin and for other corporate purposes, but the offering does not guarantee further purchases.
SATS has a fixed annual dividend rate of 15% on its $100 stated value. Business-day payments are set to start November 9, including dividends accrued since October 20, but depend on board declarations and legally available funds. Strive’s existing SATA preferred security has priority over SATS for dividends and liquidation claims.
