Strive plans $1 billion SATS stock sales for Bitcoin, dividends and buybacks

Strive has launched a $1 billion at-the-market program to sell shares of its 15% Series A Perpetual SATS Preferred Stock, according to an announcement on Monday. The program allows the company to issue shares with an aggregate offering price of up to $1 billion. Strive said it may allocate the net proceeds to Bitcoin acquisitions and related products, working capital, income-generating assets, capital expenditures and other corporate needs. The company also outlined other potential uses for the funds, including repurchasing Class A common stock or SATA preferred shares, acquiring complementary businesses or technologies, paying dividends on outstanding preferred stock and repaying future indebtedness. Strive expands its preferred stock lineup Strive completed an upsized $630 million initial public offering of its SATS preferred stock, selling 7 million shares at $90 each, the company announced on Oct. 20. The 15% Series A Perpetual SATS Preferred Stock began trading on Nasdaq under the ticker SATS around that date. The security accrues cumulative dividends at an annual rate of 15% on a stated amount of $100 per share. Payments are subject to board declaration and legally available ...