Cipher Digital Inc. shares fall 12% following announcement of $850,000,000 zero-interest convertible bond issuance
CIFR Cipher Digital Inc
$13.00 -3.85%
View chart & analysis → - 1Cipher Digital Inc. shares fell 12% after announcing plans to issue $850,000,000 in zero-interest convertible bonds.
- 2An additional $150,000,000 available for purchase by large institutional investors will be provided within a 13-day period.
- 3Cipher Digital Inc. is negotiating a proposal to allow holders of existing bonds maturing in 2030 to exchange them directly for company stock.
So what's the key point?
Cipher Digital Inc. shares dropped 12% because the company plans to issue bonds that do not pay interest but can be converted into stock later. The opportunity for large investors to buy more bonds could change the value of existing shares.
Source Investing.com +3 · View original ↗
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