Bitdeer Technologies falls on planned $360 mln convertible bonds sale
21/11/2024 21:33
** Shares of bitcoin miner Bitdeer Technologies BTDR.O down
8.9% post-market at $10.20 on planned capital raise
** Singapore-based firm announces proposed offering of $360 mln
convertible bonds (CBs) due 2029
** It plans to use portion of net proceeds to pay cost of
zero-strike calls, remainder for datacenter expansion, ASIC
based mining rig development and manufacture, and for other
purposes
** Concurrent with pricing, co says expects to enter into
privately negotiated exchange transactions with one or more
holders of its existing 8.50% CBs due 2029 for cash and Class A
ordinary shares
** BTDR shares on Thurs closed down 5.9% at $11.19, giving
co ~$1.6 bln market cap, per LSEG data
** Stock has gained 60% over the past three months, putting
them up 13.5% YTD
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.thomsonreuters.com@reuters.net
lance.tupper@tr.com 1-646-279-6380))