Bitfarms Ltd (NASDAQ:BITF) shares are falling in Wednesday’s after-hours session after the company announced a convertible senior notes offering.
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What To Know: Bitfarms said it intends to offer $300 million of convertible senior notes due 2031. The company plans to grant the initial purchasers a 13-day option to buy up to an additional $60 million of the notes.
Bitfarms expects to use the net proceeds from the offering for general corporate purposes.
The offering comes after Bitfarms announced a conversion of its previously announced private debt facility for up to $300 million from Macquarie. The company said last week that it will draw an additional $50 million from the converted facility in order to accelerate long-lead time equipment purchases and advance AI development at its data center campus in Pennsylvania.
In the company’s most recent earnings report, Bitfarms said it had approximately $85 million in cash as of June 30.
Bitfarms is due to report earnings for the third quarter in November. Analysts expect the company to report a loss of one cent per share and revenue of $80 million, according to estimates from Benzinga Pro.
BITF Price Action: Bitfarms shares were down 5.41% in after-hours, trading at $6.12 at the time of publication on Wednesday, according to Benzinga Pro.
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