IREN Limited (NASDAQ:IREN) stock is surging during Thursday’s trading session. The move follows the official settlement of the company’s upsized $2.6 billion convertible senior notes offering.
The Nasdaq is up 0.92% while the S&P 500 has gained 0.87%.
Massive Liquidity Boosts AI Ambitions
According to a United States Securities and Exchange Commission Form 8-K filed on Tuesday, the offering was scheduled to close on Thursday. This capital raise provides liquidity to fund its aggressive transition into an AI infrastructure giant. The company priced the 1% notes due 2033 to qualified institutional buyers.
The company estimates net proceeds of approximately $2.57 billion after expenses. Per the SEC filing, IREN intends to use the funds for general corporate purposes and working capital. This includes …
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