2 days ago
Defi Development Corp (DFDV), a Nasdaq-listed steadfast with a crypto treasury strategy focused connected Solana SOL, said connected Wednesday it is issuing $112.5 cardinal successful convertible notes to rise superior for a banal buyback programme and much SOL purchases.
The notes offering, which was upsized from $100 million, volition mature successful 2030 with a 5.5% yearly complaint and connection investors the close to person indebtedness into equity astatine $23.11 per share, astir a 10% premium connected Monday’s closing price.
Investors besides person an enactment to bargain $25 cardinal much of the notes successful this round, expected to adjacent connected July 7.
DFDV shares traded 12% down successful the aboriginal Wednesday session. That's much than 60% little than the May peak, but the firm's crypto pivot has pushed it astir 3,500%.
The steadfast aims to usage $75 cardinal of the proceeds for a prepaid guardant banal acquisition transaction that's being negotiated with 1 of the archetypal investors successful convertible notes, according to the property release. This installation would let the capitalist to hedge the convertible enactment presumption done derivative trades and abbreviated sales, the steadfast said.
The remainder of the superior would spell to wide firm use, including the acquisition of much SOL tokens.
Defi Dev, formerly known arsenic existent property tech level Janover, is portion of a increasing roster of publicly-traded firms raising funds by selling shares and indebtedness to adhd cryptocurrencies connected their equilibrium sheet, pursuing Strategy's playbook with bitcoin BTC. The institution focuses connected the Solana blockchain, operating validators and accumulating the network's autochthonal token.
The latest fundraising circular follows past month's $5 cardinal equity enactment of credit with RK Capital Management.
Read more: DeFi Adding $5B of Solana Buying Power With New Line of Credit
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