Strategy Shares Fall 9.56% as Daily STRC Dividends Await Vote

Strategy shares closed down 9.56% at $136.83 on Friday, Oct. 16, the day the company filed a plan for daily November dividends on its STRC preferred stock.

The board declared a dividend for each day from Nov. 1 through Nov. 30, totaling $1 per share at a 12% annual rate. Daily amounts are listed as $0.03 or $0.04. If the plan takes effect, each payment is scheduled for the next business day after its record date, from Nov. 2 through Dec. 1.

The schedule depends on shareholders approving amendments at a special meeting on Oct. 28 at 10 a.m. ET (14:00 UTC). The amended STRC certificate must also be filed and effective by Nov. 1 at 12:01 a.m. ET (04:01 UTC). If both conditions are met, the previously declared Nov. 15 dividend will not be payable. If they are not met, the daily dividends will not be payable and the Nov. 15 dividend will remain payable.

Shareholders approved moving STRC’s dividend schedule from monthly to semi-monthly in June. The proposed daily schedule would require another shareholder vote.