Strategy (MSTR) has priced the initial public offering of 28,011,111 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at $90 per share, raising approximately $2.47 billion in net proceeds, according to a press release. Settlement is expected on July 29.

STRC will accrue cumulative dividends at a variable annual rate on a $100 stated amount per share, with an initial monthly regular dividend rate of 9.00% per annum, payable monthly in arrears beginning August 31. Strategy retains the right to adjust the dividend rate for future periods, subject to restrictions limiting cuts to no more than 25 basis points plus any excess one-month SOFR spread and prohibiting reductions below the prevailing SOFR rate or if prior dividends remain unpaid.

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