Original Coverage & Source Attribution: www.kucoin.com
BlockBeats news, on October 6, Nasdaq-listed DeFi Development Corp. authorized the initiation of a CHAD preferred stock repurchase program, allowing the company to repurchase all outstanding CHAD preferred shares, including those it may issue in the future. The program enables the company to flexibly repurchase shares when the CHAD stock price falls below its $10 per share par value.
This Solana treasury company stated that there are currently no plans to repurchase CHAD, and instead aims to first establish liquidity in the market and stabilize the price near or around its $10 face value.
This perpetual authorization adds a potential capital allocation tool to DeFi Development’s (DFDV) existing $300 million CHAD ATM issuance program. The company previously stated its intention to use proceeds from the program to further purchase SOL. The company has already paid the first CHAD dividend on October 1.
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