Iren to issue $875 million in convertible bonds…stock falls 5% in OTC trading

Uk Jin

Summary

Iren said it will issue $875 million in unsecured convertible bonds.
The issuance size could be increased to up to $1 billion depending on the purchaser's option.
After the filing, Iren's stock price fell 4.51% in the over-the-counter market.

Iren (IREN)'s stock is weak in the over-the-counter market.

On the 8th (KST), Iren is trading at $58.90, down 4.51% on the U.S. Nasdaq over-the-counter market. Iren, which previously operated a Bitcoin (BTC) mining business, has recently been seeking to expand into the artificial intelligence (AI) sector.

On that day, Iren said in a filing it will issue $875 million of convertible bonds. If the initial purchaser buys an additional $125 million, the total issuance size could increase to $1 billion. The bonds are unsecured, maturing in July 2031, and may be converted into shares or cash at that time.

Iren said it will raise funds through the convertible bond issuance to cover general operating expenses and the costs needed for a capped call (capped call).

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