Strive ($ASST) Plans $150 Million Follow-On Offering to Buy More Bitcoin, Retire Convertible Notes

Strive announced its intention to raise up to $150 million through a follow-on offering of its Variable Rate Series A Perpetual Preferred Stock (SATA Stock). The company plans to use these proceeds, along with existing cash and potential funds from terminating derivative contracts, primarily to repurchase or redeem all or part of the 4.25% Convertible Senior Notes due 2030 issued by its subsidiary, Semler Scientific, Inc. Additionally, funds may be used to pay down borrowings from Coinbase Credit Inc., acquire more Bitcoin and related products, and cover general corporate needs. The SATA Stock is a cumulative dividend security currently offering an annualized rate of 12.25%, payable monthly, with provisions for accrued interest if dividends are missed. Strive is also negotiating with some noteholders to potentially exchange their convertible notes for SATA Stock shares. This offering is viewed as a strategy to retire legacy debt and expand Bitcoin holdings, aligning with the company's crypto-focused growth.

(Source：Bitcoin Magazine)