Insiders of Strategy buy into their newly launched preferred stock, involving the company's CEO, CFO, and other executives.
According to documents disclosed by the U.S. Securities and Exchange Commission, several insiders of Strategy (formerly MicroStrategy) bought into its newly launched preferred stock, involving the company's CEO, CFO, and other executives. CEO Phong Le purchased 6,000 shares of preferred stock at a price of $85, CFO Andrew Kang bought 1,500 shares, and General Counsel Wei-Ming Shao purchased 500 shares.
Strategy previously announced that it would issue 5 million shares of Series A Perpetual Preferred Stock with a par value of $100 per share, which will raise $500 million in incremental funding to implement its Bitcoin strategy, but later increased the issuance to 8.5 million shares, and the price per share was also lowered to $85.