DDC Enterprise, the Asian food platform that recast itself as a Bitcoin treasury company, is seeking to sell a new class of preferred shares, and its chief executive is confronting the stock'
DDC Enterprise, the Asian food platform that recast itself as a Bitcoin treasury company, is seeking to sell a new class of preferred shares, and its chief executive is confronting the stock's decline head-on.
Founder, Chairwoman and CEO Norma Chu announced the SAVOR Series A 13.5% Perpetual Preferred Shares this week and used a letter to shareholders to address what she called the decline in the company's share price since July.
The preferred shares are expected to trade on NYSE American under the ticker SVOR if the offering is completed.
Each carries a stated value of $25 and is structured to pay a cumulative dividend of 13.5% a year, or $3.375 per share, accruing daily and payable in cash every business day out of funds legally available, according to the offering terms.
Terms of DDC's proposed SAVOR preferred shares. Source: DDC Enterprise offering announcement, Nov. 4, 2026, and Bitcoin strategy tracker, Nov. 6, 2026.The dividend is a fixed coupon on the stated value, not a guaranteed return.
Payments depend on DDC having funds legally available, and a missed payment accrues additional dividends rather than disappearing.
A segregated reserve account is meant to hold at least 12 months of dividends.
The company says the reserve balance will be published daily on a public tracker, which on Friday showed holdings of 2,899 Bitcoin worth about $219.6 million and a DDC share price of 13 cents.
Holders would also collect one-time bonus dividends tied to Bitcoin's price, paid if the cryptocurrency holds at certain levels for ten consecutive trading days.
The bonuses top out at $4 per share.
The same tracker put Bitcoin near $75,750 on Friday, so the first trigger requires the price to more than double and hold there for ten consecutive trading days.
The shares are perpetual, carry no maturity date and cannot be converted into ordinary stock.
They would rank ahead of DDC's ordinary shares but behind its existing and future debt, and the company could redeem them at 105% of stated value in the first three years and at stated value afterward.
Holders can demand redemption at stated value plus accrued dividends if the company undergoes a fundamental transaction, is delisted or breaches its obligations under the share terms.
DDC said it may direct up to 20% of gross proceeds toward repaying part of its outstanding convertible note, a debt that can be swapped into ordinary shares and has hung over the stock.
The rest would fund the dividend reserve and general corporate purposes, which may include buying more Bitcoin.
Retiring that note is the priority, Chu wrote, with the offering proceeds potentially supplemented by Bitcoin-backed financing and negotiated arrangements.
She cautioned that completion depends on how much the offering raises, financing availability and final agreements, and promised to tell shareholders when the note is fully extinguished.
The public offering, led by Maxim as sole book-running manager, is expected to price at $20 per share, with underwriters holding a 45-day option to purchase 15% more shares.
It is being made under a shelf registration the SEC declared effective in August 2025, and DDC warned the offering is subject to market conditions and may not be completed on the expected terms or at all.
Separately, institutional and accredited investors have agreed to buy at least 1.2 million of the preferred shares at the same $20 price in a registered direct deal, representing at least $30 million in stated value and roughly $24 million in expected gross proceeds before expenses.
Chu's letter is unusual for how directly it takes on the stock's performance. DDC shares have fallen sharply since July, and rather than leaving the decline unaddressed, she devotes a section of the letter to it.
She framed the swings as part of life at a digital asset treasury company, noting the stock has moved more than 30% in a single day in both directions, and said the company cannot control daily trading.
"I remain convinced that Bitcoin is the right long-term reserve asset for DDC," Chu wrote. "Our treasury strategy is unchanged."
The priority now, she wrote, is to strengthen the capital structure underneath the treasury so the company can expand its Bitcoin accumulation from a stronger base when it judges the timing right. The company's tracker shows it has been buying an average of 5.45 Bitcoin per day.
"We recognize that shareholder confidence must be earned through execution," she wrote.
The offering lands as DDC's original business shows signs of life. Its portfolio of Asian food brands generated $39.2 million in fiscal 2025 revenue and its first positive adjusted EBITDA.
