DeFi Development Approves CHAD Share Buyback Plan

DeFi Development has approved a future buyback plan for its variable-rate Series C perpetual preferred stock CHAD, authorizing the buyback of all issued shares, which will automatically cover any new shares issued in the future, with no fixed expiration date. The buyback can be conducted through the open market or through private negotiations, with the timing, price, and quantity to be determined by the company. CEO Joseph Onorati stated that the immediate goal is to bring CHAD back to a par value of $10, and there are currently no plans for a buyback. If the trading price of CHAD falls below par value, the company may utilize the buyback plan at an appropriate time when it believes this action can maximize capital efficiency.

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