Strategy sells 28M ‘STRC Stock’ at $90 per share

Strategy (MSTR) pricing its initial public offering on July 24 of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock, or “STRC Sock,” at a public offering price of $90 per share. The issuance and sale of the STRC Stock is scheduled to settle on July 29. Strategy estimates that the net proceeds to it from the offering will be approximately $2.474B. The company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.