DeFi Development (DFDV) announced the pricing of its upsized private offering of $112.5M aggregate principal amount of 5.5% convertible senior notes due 2030, to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended. Key Elements of the Transaction: $112.5M 5.5% Convertible Notes offering, due 2030. Approximately 10% conversion premium to the $21.01 closing price on July 1. Prepaid forward stock purchase transaction of approximately $75.6M of shares of the Company’s common stock in connection with the offering to facilitate hedging by certain investors.The Company has granted the initial purchasers of the Convertible Notes an option to purchase, for settlement within a 7-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional $25M aggregate principal amount of the Convertible Notes. The offering is expected to close on July 8, subject to satisfaction of customary closing conditions. The Company estimates that the aggregate net proceeds from the offering will be approximately $108.1M, after deducting the initial purchasers’ discounts and commissions and the Company’s estimated offering expenses. The Company intends to use approximately $75.6M of the net proceeds from the offering to fund a prepaid forward stock purchase transaction in connection with the offering and the remainder for general corporate purposes, including the acquisition of SOL.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DFDV:
- Largest borrow rate increases among liquid names
- DeFi Development announce validator partnership with dogwifhat
- DeFi Development enters partnership with Kraken to tokenize stock
- DeFi Development files to sell 39.35M shares of common stock for holders
- DeFi Development supports launch of defdvSOL/SOL liquidity pool on Orca