Cipher Mining (CIFR) Nosedives Nearly 18% on $800-Million Convertible Note Issuance

We recently published 10 Big Names Investors Are Dumping. Cipher Mining Inc. (NASDAQ:CIFR) is one of the companies that heavily bled in Thursday’s trading.

Cipher Mining extended its losing streak to a second day on Thursday, dropping 17.54 percent to finish at $11.66 apiece as investor sentiment soured on plans to raise $800 million through the issuance of senior convertible notes.

In a regulatory filing, the company said that the notes have a tenor of six years and will mature on October 1, 2031. They will be issued to institutional investors who it deemed to be qualified.

In line with the offer, Cipher Mining Inc. (NASDAQ:CIFR) also granted the initial notebuyers a 13-day option to purchase up to an additional $120 million aggregate principal amount of notes.

Cipher Mining Inc. (NASDAQ:CIFR) said it plans to use the proceeds to finance a portion of its data center construction at Barber Lake, accelerate the build-out of its high-performance computing (HPC) strategy across its 2.4 GW pipeline, continue to expand its pipeline of development sites, alongside other general corporate purposes.

In other news, Cipher Mining Inc. (NASDAQ:CIFR) said it bagged a 168-MW data center lease agreement with Fluidstack from its Barber Lake facility.

The company expects to complete the development of the facility to deliver IT critical load capacity to Fluidstack by September 2026.

Fluidstack’s obligations to pay rent will begin on the commencement date of the lease and will continue for a 10-year term.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.