IREN tumbles after unveiling plan to sell as much as $6 billion in stock
Bitcoin miner turned data center play IREN is down early after announcing an amended share sale agreement that would allow it to sell as much as $6 billion worth of ordinary shares.
(Such share sales can generate a negative market reaction because, if consummated, they dilute existing shareholders.)
The company said in its statement that it had already sold some $1 billion in ordinary shares under a previous share sale agreement from August.
IREN said it would use the cash from the potential sale of new shares “to contribute to funding our growth initiatives (including, but not limited to, hardware purchases and acquisition and development of data center sites and facilities), and for working capital and general corporate purposes.”
The company said in its statement that it had already sold some $1 billion in ordinary shares under a previous share sale agreement from August.
IREN said it would use the cash from the potential sale of new shares “to contribute to funding our growth initiatives (including, but not limited to, hardware purchases and acquisition and development of data center sites and facilities), and for working capital and general corporate purposes.”
