Strive Class A Shares Rose 3.93% Before SATS Pricing Announcement

Strive’s Class A common stock (Nasdaq: ASST) rose 3.93% on Oct. 15, closing at $25.65 before the company posted final terms for a preferred-stock offering expected to generate about $630 million in gross proceeds.

Strive posted its pricing announcement at 10:06 p.m. ET Oct. 15 (02:06 UTC Oct. 16), six hours and six minutes after the 4 p.m. ET (20:00 UTC) regular-session close. The stock’s gain came before the offering’s final terms were public.

Strive priced 7 million shares of its 15% Series A Perpetual SATS Preferred Stock at $90 each, estimating gross proceeds of about $630 million before underwriting discounts, commissions and expenses. The offering grew from an initial 5 million shares and is scheduled to settle Tuesday, Oct. 20, subject to closing conditions.

Bitcoin (BTC) purchases and related products are among the possible uses for net proceeds. Other potential uses include working capital, income-generating assets, capital expenditures, share repurchases and acquisitions. Strive has not specified how much, if any, will go toward Bitcoin.