Figure prices first SEC-registered blockchain-native share offering: 4.375M shares at $32

Figure Technology Solutions/Provenance Blockchain

Figure priced an upsized offering of 4,375,000 shares of its Series A blockchain common stock at $32, about $140M, billed as the first SEC-registered common equity issued natively on a blockchain. It was a synthetic secondary: underwriters bought existing Class A shares from selling stockholders, and Figure issued new blockchain shares to buyers in their place. Figure also bought back 312,500 Class A shares from the underwriters for about $10M.

• Upsized from 4.23M shares; the blockchain shares are not listed on Nasdaq but trade on Figure's own alternative trading system.
• Lead managers: Goldman Sachs, Morgan Stanley and Cantor.
• Each blockchain share converts one-for-one into Figure's Nasdaq-listed Class A stock.