Strategy Prices 42.47 Bln IPO Of Preferred Stock At $90/shr

Strategy

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(RTTNews) - Strategy Inc. (MSTR), a life sciences business intelligence company, on Thursday priced its initial public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock at $90 per share, with settlement expected on July 29.

The company expects net proceeds of approximately $2.474 billion after deducting underwriting discounts and offering expenses. Proceeds will be used for general corporate purposes, including bitcoin acquisitions and working capital.

The STRC Stock will carry cumulative monthly dividends initially set at a 9.00% annual rate on a $100 stated amount.

The company has the discretion to adjust future dividend rates, within limits, to help maintain the stock's trading price near par. Unpaid dividends will compound monthly until paid in full.

Strategy may redeem the shares once listed on a major exchange at a price of $101 per share or higher, plus any unpaid dividends.

In the pre-market trading, 2.34% lesser at $405.22 on the Nasdaq.