Strategy Inc. (MSTR) plans to conduct an initial public offering of 3.5 million shares of its 10% Series A Perpetual Stream Preferred Stock. The net proceeds will be used for general corporate purposes, including bitcoin acquisitions and working capital. The preferred shares are priced at 100 euros each, with a cumulative dividend rate of 10% per annum, payable quarterly in arrears starting December 31. If dividends are not paid on time, they will accrue compounded dividends, with the rate increasing up to a maximum of 18% per annum. In overnight trading, Strategy shares were at $255.58, down around 3.4%.

Read more at Nasdaq: Strategy Plans IPO Of EUR 100 Series A Preferred Shares With 10% Dividend