"SOL Microstrategy" DDC suspends US$1 billion securities issuance plan due to missing Form 10-K disclosure
According to online reports, DeFi Development Corp (formerly known as Janover), a U.S. listed company "SOL Microstrategy", withdrew its US$1 billion storage shelf issuance application due to its failure to include management's report on internal controls in Form 10-K. Part of the funds in the application were originally planned to be used to purchase Solana, and DDC plans to resubmit the issuance in the future. Shelf issuance, also known as temporary registration, allows companies to register for new securities issuance without immediately selling in full. Documents show that DeFi Development Corp may issue a variety of financial instruments such as common shares, preferred shares, warrants, and debt securities. DeFi Development Corp disclosed that it held 621,313 SOLs as of the end of May, an increase of 96% from 317,273 SOLs in April, and the value of SOL positions reached US$97.2 million.
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