We recently featured an article titled 10 Big Names Investors Are Dumping. Among the companies experiencing significant downturns in Thursday’s market activity was Cipher Mining Inc. (NASDAQ:CIFR).
Thursday marked the second consecutive day of losses for Cipher Mining. The stock price plummeted by 17.54 percent, settling at $11.66 per share. This decline followed news of the company’s plan to raise $800 million through the issuance of senior convertible notes, which appeared to dampen investor enthusiasm.
According to documents filed with regulators, the notes will have a term of six years, reaching maturity on October 1, 2031. These notes are earmarked for sale to institutional investors meeting specific qualification criteria.
As part of the offering, Cipher Mining Inc. (NASDAQ:CIFR) has also provided the initial purchasers of the notes with an option to acquire up to an additional $120 million in aggregate principal amount of the notes within a 13-day period.
Cipher Mining Inc. (NASDAQ:CIFR) has stated that the funds generated will be allocated to partially fund the construction of its data center at Barber Lake. It will also expedite the rollout of its high-performance computing (HPC) strategy across its 2.4 GW pipeline, continue to grow its portfolio of development sites, and cover other standard business expenses.
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In related developments, Cipher Mining Inc. (NASDAQ:CIFR) announced a 168-MW data center leasing agreement with Fluidstack at its Barber Lake facility.
The company anticipates completing the facility’s development, providing IT critical load capacity to Fluidstack, by September 2026.
Fluidstack’s rent payment obligations will commence upon the lease’s effective date and will extend for a duration of 10 years.
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Disclosure: None. This article was originally published on Insider Monkey.