PANews October 21 news: Strive announced the completion of the initial public offering of SATS perpetual preferred stock, issuing 7 million shares at $90 per share, raising a total of $630 million. The company's announcement stated that the stock began trading on the Nasdaq Global Market around October 20 under the ticker "SATS."
SATS accrues a fixed annual dividend of 15% based on a $100 per share liquidation preference, with payments planned to begin on November 9 on trading days, subject to actual payment being approved by the board of directors. The preferred stock is not secured by the company's Bitcoin holdings.