Strive to sell up to $1 billion in Series A preferred shares via ATM

According to Huoxing Finance, SEC filings reveal that Bitcoin treasury company Strive has entered into sales agreements with seven institutions—Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright—to periodically sell up to $1 billion in aggregate offering price of 15% Series A perpetual preferred shares via an ATM (at-the-market) offering, under the ticker symbol SATS. The filings indicate that the preferred shares carry an annual dividend rate of 15% and a stated value of $100 per share. Strive may issue the shares from time to time through existing trading markets such as Nasdaq or other lawful means, with the designated institutions acting as sales agents and receiving commissions of up to 2% of the gross proceeds from each sale. This offering is an additional issuance and does not include the previously issued 7 million shares of SATS preferred stock. The filings state that Strive may issue shares periodically based on market conditions, with the actual timing and scale of issuance subject to company discretion and market circumstances.