IREN Price News: Drops 6% on $875M Convertible Note Offering

IREN's stock experienced a 6% decline following the announcement of an $875 million convertible debt offering, with potential to increase to $1 billion if buyers exercise an additional option. The convertible notes, which mature in July 2031, are intended to fund general operations and capped call transactions aimed at reducing share dilution. Despite this drop, IREN's stock has risen 1,000% since April, reflecting high demand for AI infrastructure. The firm indicated that the proceeds would also help mitigate the impact of share conversion into equity. The decline in stock price overshadowed a recent rise due to the company's acquisition of new multi-year cloud contracts tied to AI and Nvidia GPU deployments. Overall, while the offering has caused a temporary setback, IREN remains significantly up from its previous lows, showcasing investor interest in AI-related technologies.

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