Bitdeer Technologies slips after $360 mln convertible debt pricing
22/11/2024 14:25
** Shares of bitcoin miner Bitdeer Technologies BTDR.O down
4.4% premarket to $10.70 after securing capital raise
** Singapore-based firm announces pricing $360 mln 5.25%
convertible bonds (CBs) due 2029
** Initial conversion price of $15.95 is 42.5% premium to
stock's last close
** Co 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 other purposes
** Concurrent with pricing, co expects to enter into
privately negotiated exchange transactions with certain holders
of its existing 8.50% CBs due 2029 for $16.6 mln in cash and 9.2
mln Class A ordinary shares
** BTDR has ~$1.6 bln market cap, per LSEG data
** Through Thurs, shares have gained 43% since Nov 5
presidential election as Bitcoin BTC= has soared to record
highs on hopes Donald Trump's win will lead to friendlier
regulatory environment for digital assets
(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))