Strive Signs with Seven Institutions to Issue Up to $1 Billion in Preferred Stock

Strive has signed a sales agreement with seven institutions: Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright. The plan is to periodically sell up to $1 billion of 15% Series A perpetual preferred stock through an ATM method, with the stock ticker symbol SATS. The preferred stock has an annual dividend rate of 15%, with a set amount of $100 per share. Strive may issue the stock based on market conditions through existing trading markets such as NASDAQ or other legal means, with the related institutions acting as sales agents, earning a commission of up to 2% of the total proceeds from each sale. This issuance is considered an additional offering and does not include the previously issued 7 million shares of SATS preferred stock. The actual issuance scale and timing will depend on the company's arrangements and market conditions.

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