DeFi Development down after $112.5 mln convertible bond sale to accumulate Solana

** Shares of commercial real estate financing platform DeFi Development Corp down 4.4% premarket to $20.09 after securing capital raise

** Boca Raton, Florida-based co, formerly Janover, announces pricing offering of $112.5 mln 5.5% 5-yr convertible bonds

** Offering size boosted from $100 mln; initial conversion price of $23.11 is 10% above stock's last close

** Co plans to use portion of net proceeds for general purposes, including acquisition of cryptocurrency Solana (SOL=)

** It also intends to use about $75.6 mln to fund prepaid forward stock purchase transaction to facilitate hedging by certain investors

** On Apr 7, a group of former cryptocurrency exchange Kraken execs acquired majority stake and co said new leadership would buy solana and hold as treasury reserve asset

** In early May, co announced ticker symbol change to DFDV

** Co has ~14.7 mln shares outstanding for ~$310 mln market cap, reflecting a 7-for-1 reverse stock split in May

** DFDV shares on Tues closed down 2% at $21.01. Stock closed at $5.39 on Apr 7 and has traded as high as $53.88 (May 22)