"Solana-Based MicroStrategy" DDC Halts $1 Billion Securities Offering Due to Missing 10-K Disclosure

The US-listed company known as the “SOL version of MicroStrategy,” DeFi Development Corp (formerly Janover), has withdrawn its $1 billion shelf offering application after failing to include a management report on internal controls in its 10-K filing. Part of the funds from this application were originally intended for purchasing Solana, and DDC plans to resubmit the offering in the future. Shelf offerings, also known as shelf registrations, allow companies to register new securities for issuance without having to sell them all at once. According to the filing, DeFi Development Corp may issue a variety of financial instruments, including common stock, preferred stock, warrants, and debt securities. DeFi Development Corp disclosed that as of the end of May, it held 621,313 SOL, a 96% increase from 317,273 SOL in April, with the value of its SOL holdings reaching $97.2 million.