DeFi Development Corp Withdraws Form S-3 for $1 Billion Raise
DeFi Development Corp faced a setback in raising $1 billion to acquire more Solana after the SEC rejected its S-3 filing due to missing a management report on internal controls. The firm plans to withdraw the registration statement, stating it aligns with public interest and investor protection. Despite this, DeFi Development Corp intends to file a resale registration statement in the future. The company initially filed the S-3 on April 25 for general corporate purposes, including Solana acquisitions, warning that price fluctuations could affect cash conversion values. DeFi Development Corp has transitioned from real estate financing to a Solana Treasury Company, acquiring a total of 609,190 Solana tokens worth over $97 million. The firm has also adopted Solana liquid staking tokens and made multiple purchases of Solana since April.
