Strive priced seven million SATS preferred shares at $90 each on Oct. 15, implying a 16.7% cash yield if dividends are paid in full. According to NS3.AI, each share has a $100 stated amount and a $15 annual dividend, scheduled to be paid every business day beginning Nov. 9; the offering is expected to raise $630 million before expenses.

The $100 liquidation preference does not guarantee that shares can be resold for $100, and SATS has no maturity date requiring repayment of the original investment. Strive plans to reserve 18 months of scheduled dividends, while its prospectus anticipates further capital raising as a primary funding source after that period. SATS ranks behind Strive’s existing SATA preferred stock, exposing investors to payment, repayment-priority and resale risks.