Bitdeer Technologies Group's stock plunged 8.85% in after-hours trading on Thursday, following the company's announcement of a private placement offering of $360 million in convertible senior notes.
The cryptocurrency mining data center company said it intends to offer the convertible notes, subject to market conditions and other factors. While full details were not disclosed, convertible debt offerings typically allow the notes to be converted into shares of the company's common stock at a later date.
Such debt-to-equity conversion can dilute the value of existing shares and put downward pressure on the stock price. Investors appeared to react negatively to Bitdeer's offering news, sending the shares sharply lower in extended trading after the announcement.
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