Strive Completes $630 Million SATS Preferred Offering

Strive has completed a $630 million public offering of SATS preferred shares, selling 7 million shares at $90 apiece and introducing a security with a stated 15% annual dividend. The gross proceeds are before underwriting fees, commissions and other expenses, the company said in its October 20 announcement. The dividend is calculated on a stated value of $100 per share, rather than the $90 offering price. At that purchase price, the annual dividend would amount to an initial yield of about 16.67% if declared and paid in full. The dividend rate is fixed, and payments are scheduled for each business day beginning November 9, 2026. Payments require approval by Strive’s board and legally distributable funds; unpaid cumulative dividends accrue under the security’s terms. Strive said it planned a reserve sufficient to cover 18 months of payments, estimated at $157.5 million at the final offering size. Its closing announcement did not confirm that the reserve had been funded. The first scheduled payment, if approved in full, is to include dividends accrued from the offering’s October 20 closing date. The new shares rank below Strive’s existing SATA preferred stock in the company’s...