India, Oct. 13 -- Shares of Cipher Digital Inc. (CIFR) are falling about 16 percent on Tuesday morning after the company announced a $850 million private offering of convertible senior notes due 2032.
The company's stock is currently trading at $10.88, down 16.30 percent, over the previous close of $13.00 on the Nasdaq. It has traded between $10.68 and $30.14 in the past one year.
Cipher intends to use the proceeds to fund the cost of entering into the capped call transactions and use the remainder to fund additional equity investment in the Barber Lake project, support the build-out of its high-performance computing strategy across its near-term pipeline, continue to expand its pipeline of development sites, and for general corporate pur...