The IREN plan is to issue $450 million of convertible senior notes for financing.
According to Gate News bot, TheBlock reports that Nasdaq-listed Bitcoin mining company IREN (formerly Iris Energy) has announced a new financing plan. The company is preparing to issue $450 million in convertible senior notes to qualified institutional investors, along with an additional $50 million issuance option.
IREN stated that part of the raised funds will be invested in capped call options trading and pre-paid share repurchase agreements, with a maximum repurchase amount of $100 million. This move aims to reduce equity dilution and stabilize the stock price. The remaining funds will be used to support the company's daily operations and working capital needs.