MicroStrategy Signs Sales Agreement With Cowen, Canaccord, And BTIG For $750 Million Stock Issuance

According to Foresight News, MicroStrategy has announced a sales agreement with sales agents Cowen, Canaccord, and BTIG. Under the agreement, MicroStrategy can issue and sell its Class A common stock with a par value of $0.001 per share, for a total issuance price of up to $750 million. In addition, MicroStrategy announced the termination of a previous agreement signed on August 1st with a previous agent for the issuance of up to $750 million in common stock. Prior to the termination of the previous issuance, MicroStrategy issued and sold a total of 1,189,588 common shares between November 1st and November 28th, 2023, under the previous sales agreement, resulting in total net proceeds (minus sales commissions) of approximately $590.9 million for MicroStrategy. As of the close on November 28th, 2023, the cumulative issuance price of the common shares sold under the previous sales agreement was approximately $740.9 million. Between November 1st and November 29th, 2023, MicroStrategy and its subsidiaries acquired approximately 16,130 bitcoins for about $593.3 million in cash, with an average price of approximately $36,785 per bitcoin.