MARA Holdings Inc (NASDAQ:MARA) shares are moving lower Wednesday after the company announced a proposed private offering.
What To Know: MARA Holdings said it intends to offer $850 million of 0.00% convertible senior notes due 2032 in a private offering to institutional buyers. The company expects to grant the underwriters a 13-day window to purchase up to an additional $150 million of the notes.
MARA Holdings expects to use up to $50 million of the net proceeds to repurchase a portion of its existing 1.00% convertible senior notes due 2026. The remainder of the proceeds will be used to acquire additional Bitcoin (CRYPTO: BTC) and for and for general corporate purposes.
The company had $196.2 million in total cash and cash equivalents as of March 31 and held a total of 49,940 Bitcoin as of June 30.
MARA Holdings is due to report financial results for the second quarter on July 29. Analysts expect the company to report earnings of 63 cents per share and revenue of $218.45 million, according to estimates from Benzinga Pro.
MARA Price Action: MARA Holdings shares were down 4.98% at $18.90 at the time of publication Wednesday, according to Benzinga Pro. The stock has gained approximately 33% over the past month.
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