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Strive proposes $150 million preferred stock sale to repay debt, buy bitcoin
Source: CryptoNewsNet Original Title: Strive proposes $150 million preferred stock sale to repay debt, buy bitcoin Original Link: https://cryptonews.net/news/finance/32318026/ Strive (ASST), a bitcoin treasury and asset management company, announced plans for a $150 million follow-on sale of its Variable Rate Series A Perpetual Preferred Stock, SATA (SATA).
The proceeds will be used repay or repurchase portions of debt issued by Semler Scientific, which Strive bought earlier this month in an all-stock transaction. In addition, the funds will also be used toward discharging Semler’s borrowings from a certain compliance platform and the acquisition of more bitcoin.
Strive, which has the 11th-largest bitcoin stash among publicly traded companies, is negotiating private exchanges with certain noteholders to swap some or all convertible notes for SATA stock. Any exchanges would be exempt from registration, would not generate cash proceeds and could reduce the size of the public offering.