On October 13, Cipher Mining Inc. fell 13% in Regular Trading, trading at $10.8572 per share, with turnover of $139 million.
The move followed the company’s announcement that it plans to privately place $850 million of zero-interest convertible senior notes due 2032, with initial purchasers able to buy up to an additional $150 million. Cipher Mining Inc. also said it expects to exchange part of its outstanding 1.75% convertible senior notes due 2030 for common shares in separate private transactions.
The company said net proceeds are expected to fund capped call transactions, invest in the Barber Lake project, expand its high-performance computing business and development pipeline, and support general corporate purposes. The deal’s final terms, including the initial conversion rate, will be set at pricing. The announced financing and potential share conversion provide a direct event-driven explanation for the stock’s decline.
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