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Investing.com -- MicroStrategy, a business intelligence company, is setting a price range between $80 and $85 for each of its perpetual preferred stocks. This price is lower than the initially marketed liquidation preference of $100 per share, according to Bloomberg.
The company is showing strong momentum within this price range, and it is expected to close order books at 1pm Eastern Time, before determining the final pricing after the market closes. The sources requested anonymity as this information is not yet public.
Updated terms indicate that these stocks can be converted at any time, a shift from the previous terms which only allowed conversion in the last month of a quarter. A representative from MicroStrategy has yet to respond to requests for comments on this matter.
Earlier this week, it was reported that the stock was being offered with a $1,000 conversion price and an 8% fixed coupon.
MicroStrategy aims to raise $250 million through this offering. The company announced on January 3 that it planned to raise up to $2 billion through one or more offerings of perpetual preferred stock. These stocks would hold a senior position to its Class A common stock.
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