Figure Technology files to offer blockchain stock alongside Class A shares

Figure Technology Solutions Inc. (NASDAQ: FIGR) filed a registration statement for a share offering that includes blockchain stock and Class A common stock, according to a company filing.

The offering involves selling blockchain stock to investors while selling stockholders offer Class A common stock through underwriters. Each share of blockchain stock can be converted into one share of Class A common stock at the holder's discretion.

Under the arrangement, when sales agents receive payment for blockchain stock sold to purchasers, underwriters will sell an equivalent number of Class A common stock shares to the company. The company will then sell the same number of blockchain stock shares through sales agents to purchasers.

If sales agents receive payment for fewer blockchain stock shares than the total amount offered, the company will not purchase the corresponding amount of Class A common stock from underwriters. In that case, underwriters may sell those Class A shares in the open market.

The company plans to use proceeds from blockchain stock sales to pay for the Class A common stock purchases. Both the blockchain stock and Class A common stock carry a par value of $0.0001 per share.

The registration statement covers all blockchain stock shares and Class A common stock shares in the offering, plus any Class A shares that may result from blockchain stock conversions. No fractional shares of Class A common stock will be issued in conversions.

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