DeFi Development prices $19.8M CHAD stock offering

DeFi Development Corp. has priced its Variable Rate Series C Perpetual Preferred Stock offering at $9 per share, according to an updated prospectus filed with the U.S. Securities and Exchange Commission. Summary 2.2 million CHAD shares priced at $9 each, giving DeFi Development $19.8 million before expenses. The underwriter may buy 330,000 additional shares, potentially raising total gross proceeds to $22.77 million. CHAD begins with a 13% dividend rate calculated against its $10 stated amount per share. Dividend payments start October 1, then become payable each business day when directors declare them. Offering proceeds may fund Solana purchases, working capital, strategic transactions and other digital asset investments. The Solana treasury company plans to sell 2.2 million shares of the preferred security, known as CHAD Stock. The offering would produce $19.8 million in gross proceeds before underwriting commissions and other expenses. That updates the company’s Aug. 31 announcement, which described a proposed offering of up to $20 million without disclosing the final share count or offering price. R.F. Lafferty & Co. is the sole book-running manager. The underwriter receiv...