IREN Ltd (IREN) saw its shares plummet 7.4% in after-hours trading on Monday, as the company announced plans to offer $1 billion in convertible senior notes due 2032 and 2033. The proposed offering, which includes an option for initial purchasers to buy an additional $150 million of each series, raised concerns among investors about potential share dilution and its impact on the stock price.

The company also revealed a concurrent registered direct offering of ordinary shares to fund the repurchase of existing convertible notes. This dual offering structure, aimed at reducing outstanding debt, further fueled investor apprehension about dilution and the company's financial strategy. The timing of these announcements, coupled with broader market volatility, contributed to the sharp decline in IREN's stock during the after-hours session.