MicroStrategy intends to offer 2.5M perpetual strike preferred stock

MicroStrategy (MSTR) announced that it intends to offer, in a public offering, 2,500,000 shares of its “perpetual strike preferred stock.” MicroStrategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital. The perpetual strike preferred stock will have a liquidation preference of $100 per share and will accumulate cumulative dividends at a fixed rate that will be determined at the pricing of the offering. Barclays, Moelis, BTIG, TD Cowen and Keefe, Bruyette are acting as joint book-running managers for the offering. AmeriVet, Bancroft Capital, and Benchmark are acting as co-managers for the offering.