Stock Track | IREN Ltd Plunges 7.40% in After-Hours Trading on Convertible Notes Offering Announcement
Stock Track
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IREN Ltd (IREN) saw its shares drop sharply by 7.40% in after-hours trading on Monday, following the company's announcement of a proposed offering of convertible senior notes and ordinary shares.
The AI Cloud Service Provider revealed plans to offer $1 billion aggregate principal amount of convertible senior notes due 2032 and another $1 billion due 2033, alongside a registered direct offering of ordinary shares. The proceeds are intended to fund the repurchase of existing convertible notes and for general corporate purposes. Such offerings often lead to stock price declines due to potential shareholder dilution and increased debt burden, which likely contributed to the after-hours selloff.
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