Bitdeer Technologies (BTDR) Falls 7% After $330-Million Debt Offer

We recently published a list of 10 Stocks Take A Shocking Nosedive. Bitdeer Technologies Group (NASDAQ:BTDR) is one of the worst-performing stocks on Thursday.

Bitdeer Technologies fell by 7.13 percent on Wednesday to end at $11.8 apiece as investors unloaded portfolios following plans to raise $330 million in fresh funds through a debt offering.

In a statement, Bitdeer Technologies Group (NASDAQ:BTDR) said that it plans to issue convertible senior notes to qualified institutional investors until June 23, 2025. The notes carry a yield rate of 4.875 percent to be paid semiannually on every January 1 and July 1 until 2031, unless earlier converted, redeemed or repurchased.

According to Bitdeer Technologies Group (NASDAQ:BTDR), it would allocate $129.6 million of the proceeds to pay the cost of the zero-strike call option transaction which it entered into with an affiliate of one of the institutional investors.

A construction team in a mining datacenter building work site with plans and equipment in hand.

Meanwhile, some $36.1 million will be spent to pay the cash consideration for the concurrent note exchange transactions that it has entered into, while the remaining balance will be used for its data center expansion, ASIC based mining rig development, as well as working capital and other general corporate purposes.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.