DeFi Development Corp. Form 8-K: Equity Offering

DeFi Development Corp. announced on September 3, 2026, the entry into an underwriting agreement with R.F. Lafferty & Co., Inc. for an underwritten offering of 1,375,000 shares of its Variable Rate Series C Perpetual Preferred Stock (CHAD Stock) at a public offering price of $8.00 per share. An option was granted to the underwriter to purchase an additional 206,250 shares. The offering, which settled on September 8, 2026, generated net proceeds of approximately $10.3 million, intended for general corporate purposes, including working capital and strategic initiatives. The CHAD Stock has a par value of $0.00001 per share and an initial liquidation preference of $10.00 per share, ranking senior to common stock but junior to existing and future indebtedness. The stock accumulates cumulative dividends at a variable annual rate, initially set at 13.00%, payable when declared. Compounded dividends accrue on unpaid dividends, with the rate increasing monthly up to a maximum of 20% per annum. The company established a dividend reserve of $1.30 per share. The company has the right to redeem the CHAD Stock under certain conditions, including a minimum number of outstanding shares or specific tax events. Holders may have the right to require repurchase upon a "Fundamental Change." The CHAD Stock carries voting rights on specific matters and may allow holders to elect a director under certain dividend non-payment scenarios.