DeFi Development Corp. (Nasdaq: DFDV) entered into an underwriting agreement on September 3, 2026, with R.F. Lafferty & Co., Inc., to sell 1,375,000 shares of Variable Rate Series C Perpetual Preferred Stock (ticker: CHAD) at a public offering price of $8.00 per share. The company also granted the underwriter a 30-day option to purchase an additional 206,250 shares at the same price. The issuance and sale of the shares settled on September 8, 2026.
The gross proceeds from the offering are estimated to be approximately $11.0 million, before deducting underwriting discounts and expenses. The company intends to use the net proceeds for general corporate purposes, including the acquisition of Solana (SOL) and other digital asset-related investments, as well as strategic transactions and growth initiatives.
The Series C Preferred Stock has a stated amount of $10.00 per share and a par value of $0.00001 per share. It is senior to the company’s common stock regarding dividends and liquidation. The preferred stock accumulates cumulative dividends at a variable rate. The initial monthly regular dividend rate is 13.00% per annum. The company has established a dividend reserve by depositing $1.30 per share into a separate account funded with existing cash and digital assets.
The company has the right to redeem the preferred stock at a price of $11.00 per share plus any accrued dividends, beginning after the stock is listed on a major exchange. Additionally, the company may conduct a clean-up redemption if outstanding shares fall below 25% of the total issued shares, or a tax redemption under specific conditions.
