By Chris Wack
Cipher Mining shares were down 10% to $3.40 after the company priced a public offering of $150 million of convertible senior notes due 2030 in an offering.
The issuance and sale of the notes are scheduled to settle Thursday.
Cipher also granted the underwriters of the notes offering a 30-day option to buy up to an additional $22.5 million of notes solely to cover over-allotments.
The notes will be senior, unsecured obligations of Cipher, and will accrue interest at a rate of 1.75% per annum, payable semi-annually on May 15 and Nov. 15 of each year, beginning Nov. 15, 2025.
The notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted.
The proceeds from the offering, before offering expenses, will be $145.9 million, or $167.8 million if the underwriters fully exercise their option to purchase additional notes.
Cipher intends to use the proceeds from the offering to complete Phase 1 of its Black Pearl data center project, and for general corporate purposes.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 21, 2025 10:55 ET (14:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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