DeFi Development down after $112.5 mln convertible bond sale to accumulate Solana

Shares of commercial real estate financing platform DeFi Development Corp DFDV.O down 4.4% premarket to $20.09 after securing capital raise

Boca Raton, Florida-based co, formerly Janover, announces pricing offering of $112.5 mln 5.5% 5-yr convertible bonds

Offering size boosted from $100 mln; initial conversion price of $23.11 is 10% above stock's last close

Co plans to use portion of net proceeds for general purposes, including acquisition of cryptocurrency Solana SOL=

It also intends to use about $75.6 mln to fund prepaid forward stock purchase transaction to facilitate hedging by certain investors

On Apr 7, a group of former cryptocurrency exchange Kraken execs acquired majority stake and co said new leadership would buy solana and hold as treasury reserve asset

In early May, co announced ticker symbol change to DFDV

Co has ~14.7 mln shares outstanding for ~$310 mln market cap, reflecting a 7-for-1 reverse stock split in May

DFDV shares on Tues closed down 2% at $21.01. Stock closed at $5.39 on Apr 7 and has traded as high as $53.88 (May 22)