Bitcoin
And the IREN data center operator plans to raise $ 450 million through a private sale of convertible notes, the company said in a press release.
The notes, which expire in 2029, will be offered to qualified institutional buyers and could expand in another $ 50 million if the initial buyers make an optional allocation.
The not guaranteed notes will pay semiannual interests and can become the ordinary shares of Iran under certain conditions. The company has the option of redeeming the notes from mid -2028 if its shares are raised at 30% above the conversion price for an established period.
Iren said that it intends to use income for a couple of financial strategies aimed at compensating the dilution of potential capital and market risk. These are limited calls transactions and a prepaid prepaid participation repurchase.
These hedges are designed to reduce the impact of future notes conversions and can support the price of the company’s shares by limiting the number of new actions issued.
“However, if the market price for ordinary participation of Iren, measured under the terms of limited call transactions, exceeds the limit price of limited calls transactions, however, there would be dilution and/or there would be no compensation of such possible cash payments,” the firm wrote.
Earlier this year, I would cancel its expansion of Bitcoin mining to favor AI data centers. His actions have dropped 6.8% ahead of the opening bell.
