DeFi Development Slashes Preferred Offering to $11M at $8/Share
DFDV has more than doubled off its 52-week low of $2.44.
Summary
DeFi Development priced its Series C perpetual preferred offering at $8.00 per share, raising about $11 million — down from the $20 million proposed on September 1 and below the $9.00 price talk. The underwriter has a 30-day option for 206,250 additional shares. Proceeds are earmarked for Solana purchases and other digital asset investments. The offering is expected to close September 8, with the first dividend on October 1. The reduced size and lower price suggest weaker-than-expected demand for the preferred, a negative signal for a company that reported a $27.3 million Q2 net loss and has an active $200 million ATM program. The company will reserve $1.30 per share for the first year of dividends, assuming a 13% annual rate.
At the time of this announcement, DFDV was trading at $5.84 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $180.9M. The 52-week trading range was $2.44 to $18.99. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: CryptoProwl.