DeFi Development Corp. prices $19.8M CHAD stock offering

DeFi Development Corp. has priced its Variable Rate Series C Perpetual Preferred Stock offering, known as CHAD stock, at $9 per share. According to a prospectus filed with the U.S. Securities and Exchange Commission, the company plans to sell 2.2 million shares, which is expected to generate $19.8 million in gross proceeds before expenses.

The underwriter, R. F. Lafferty & Co., holds a 30-day option to purchase an additional 330,000 shares, which could increase total gross proceeds to $22.77 million. The CHAD shares feature a 13% initial annual dividend rate based on a $10 stated amount per share. Dividend payments are scheduled to begin on October 1.

Proceeds from the offering are intended to fund Solana purchases, working capital, strategic transactions, and other digital asset investments.