Strive Plans $22.50-Per-Share Dividend Reserve for SATS Stock

Strive, a Bitcoin (BTC) treasury company, plans to add $22.50 for each share of its 15.00% Series A Perpetual SATS Preferred Stock to an existing dividend reserve at closing. The amount equals 18 months of dividend payments.

The company later priced its upsized offering at $90 per share for seven million shares, two million more than its initial plan. Strive estimates gross proceeds of about $630 million before underwriting discounts and expenses.

Cumulative dividends accrue daily at an annual rate of 15% based on a $100 stated amount per share, compared with the $90 offering price. They are payable each business day beginning Nov. 9 if declared by the board. Settlement is scheduled for Tuesday, Oct. 20, subject to closing conditions.