DeFi Development Prices CHAD Stock IPO at $8 Per Share, Raises $11 Million

DeFi Development Corp. said its variable-rate Series C perpetual preferred stock, CHAD Stock, was priced for its initial public offering on September 3. According to Odaily, the company issued 1.375 million shares at $8 each, with gross proceeds expected to be about $11 million before underwriting discounts, commissions, and offering expenses. The underwriter also has a 30-day option to buy an additional 206,250 shares. The transaction is scheduled to settle on September 8. Net proceeds will be used for general corporate purposes, including purchases of Solana (SOL) and other digital assets, strategic transactions, and growth initiatives.