Keel Infrastructure Corp (KEEL) shares are sliding in Thursday's after-hours session after the company announced a proposed offering of convertible senior notes.
After the market close, Keel said it plans to offer $350 million of convertible senior notes due 2032. The digital and energy infrastructure company will also give underwriters a 13-day window to buy up to an additional $58 million of the notes.
Keel intends to use the net proceeds for general corporate purposes, which could include funding deposits for long-lead equipment or collateralizing letters of credit related to expanding data center development projects.
For context, Keel is the rebranded version of Bitfarms, a Bitcoin miner that completed a full strategic pivot away from crypto and into high-performance computing and AI infrastructure. The company now positions itself as a North American digital infrastructure firm that develops and owns data centers and energy infrastructure for HPC workloads.
As of May 8, Keel had total liquidity of about $533 million, including roughly $336 million in cash and $197 million in unencumbered Bitcoin.
KEEL Price Action: Keel shares were down 6.75% in after-hours trading at $5.53 at the time of publication on Thursday. Even after the pullback, the stock is still up approximately 82% over the past month.
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