Strive priced 7 million shares of its new SATS preferred stock at $90 per share, targeting $630 million in gross proceeds. Each share carries a $100 stated amount and a $15 annual dividend, implying a 16.67% cash yield at the offering price if paid in full. The shares are perpetual with no maturity date, and the $100 liquidation preference does not guarantee investors can exit at that price in normal trading. Dividends are scheduled to begin on Nov. 9 and be payable every business day, with Strive establishing a $157.5 million reserve covering 18 months of scheduled dividends. The prospectus anticipates using further capital raising as a primary source of dividend funding beyond the initial reserve period.
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