Bitdeer Technologies Group’s stock price dropped to $6.33 after it announced a senior convertible notes offering.
Singapore-based crypto mining firm Bitdeer Technologies Group announced a proposed public offering of $150 million convertible notes due in 2029 to expand its data center and develop ASIC-based mining rigs.
On Aug. 15, Bitdeer said that the notes would be senior, unsecured obligations of the company, which will mature on Aug. 15, 2029, unless converted, redeemed or repurchased earlier.
A senior convertible note is a type of debt security that can later be converted into equity. It’s a form of debt for the company that can also accrue interest payments for the investor over time. A senior convertible note has priority over all other debt securities issued by a company.
