Shares of TeraWulf Inc. (NASDAQ:WULF) dropped more than 5% in pre-market trading on Thursday, after the cryptocurrency mining company announced the pricing of a $425 million convertible senior notes offering.
The company said it will issue $425 million aggregate principal amount of 2.75% Convertible Senior Notes due in 2030. The notes will be sold in a private offering to qualified institutional buyers.
Investors often view convertible debt offerings negatively as they can lead to potential share dilution for existing shareholders when the notes are converted into common stock. This dilution risk appears to be weighing on TeraWulf's stock price in early trading.
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