MarketPR
Cipher Digital (CIFR) shares closed at $11.34, a decline of 12.77%, following the company's announcement of a plan to raise $850 million through an offering of 0% convertible notes due in 2032.
The stock traded on high volume, coming in about 257% above its three-month average.
The financing package includes an option for noteholders to purchase an additional $150 million, which could increase the total capital raise to $1 billion.
Simultaneously, Cipher exchanged its existing 1.75% convertible notes, due in 2030, for CIFR shares in private transactions with holders.
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