WhiteFiber Inc (NASDAQ:WYFI) shares are taking a hit in Tuesday's after-hours session after the company unveiled plans for a new offering. The stock is feeling bearish pressure, and here's what's behind the move.
WhiteFiber Stock Dives After the Bell: Here's Why
MarketDash
WhiteFiber Inc (NASDAQ:WYFI) shares are trading lower in Tuesday's after-hours session after the company announces a proposed offering.
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WhiteFiber Announces Proposed Offering
WhiteFiber said it intends to offer $250 million of convertible senior notes due 2032 in a private placement to institutional investors. The AI infrastructure company also plans to grant underwriters a 13-day option to buy up to an additional $37.5 million of the notes.
The company expects to use the net proceeds primarily to fund data center expansion, as well as for potential acquisitions, partnerships, and joint ventures related to those expansion plans. As of June 30, WhiteFiber had approximately $60.4 million in total cash and restricted cash.
WYFI Shares Tumble After Hours
In after-hours trading Tuesday, WhiteFiber shares were down 24.27%, trading at $20.50 at the time of publication. That follows a 10.81% drop during the regular session. Investors are clearly reacting to the dilution and debt implications of the offering, even as the company positions it as a growth move.
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