Strive plans to issue up to $1 billion in SATS preferred shares via ATM.

According to U.S. SEC filings, Strive, Inc. filed a Form 424B5 prospectus supplement on October 26, announcing sales agreements with Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley, Maxim Group, and H.C. Wainwright to issue up to $1 billion in aggregate of 15.00% Series A Perpetual SATS Preferred Stock through an at-the-market (ATM) offering. Agent commissions are capped at 2.0% of gross proceeds. The SATS Preferred Stock trades on the Nasdaq Global Market, closing at $94.88 per share on October 23, below the $100 initial liquidation preference. Of the 7 million shares currently outstanding, the newly offered shares will carry identical terms. Based on a $100 par value, the preferred stock carries an annual cumulative dividend rate of 15%. Upon the closing of its IPO on October 20, the company established a dividend reserve by depositing $22.50 per share into an account to cover dividend payments for the first 18 months. Additionally, if the public float falls below 25% of the total shares issued in the initial offering and subsequent additions, or in the event of a "tax event," the company retains the right to redeem all shares. In the event of a "fundamental change," holders have the right to require the company to redeem at par plus accrued