(RTTNews) – Strategy Inc. (MSTR), a bitcoin treasury company, on Tuesday announced plans to conduct an initial public offering of 3.5 million shares of its 10% Series A Perpetual Stream Preferred Stock.
The company intends to use the net proceeds for general corporate purposes, including bitcoin acquisitions and working capital.
The preferred shares, priced at 100 euros each, will carry a cumulative dividend rate of 10% per annum, payable quarterly in arrears starting December 31.
The company also said that dividends not paid on time will accrue compounded dividends, with the rate increasing up to a maximum of 18% per annum.
In the overnight trading, Strategy shares were at $255.58, down around 3.4%.
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