DDC Enterprise launches public offering of 13.5% perpetual preferred shares
DDC•DDC Enterprise launched an underwritten public offering of 13.5% perpetual preferred shares at an expected $20 each, alongside a registered direct offering of at least 1.2 million shares at $20 each expected to raise at least approximately $24 million gross.
1. Offering details
The preferred shares have a $25 stated value and annual dividends of $3.375 per share, payable daily in cash. Underwriters are expected to receive a 45-day option to purchase up to 15% additional shares. Proceeds from the public offering will fund a dividend reserve and general corporate purposes, with up to 20% of gross proceeds available to repay convertible notes.
