DeFi Development (DFDV) said Wednesday it intends to offer up to $65 million of 10% Series C cumulative perpetual preferred shares through a public offering.

The company said it plans to use the net proceeds for general corporate purposes, including the acquisition of Solana and for working capital.

Holders of the Series C preferred stock will be entitled to receive cash dividends at a 10% rate of the $100 liquidation preference per year, the company said.

They will also have the right to convert their shares of the preferred stock into common shares in certain circumstances, the company added.

DeFi Development shares were down over 3% in recent Wednesday trading.

Price: 7.92, Change: -0.41, Percent Change: -4.92