IREN Limited (NASDAQ:IREN) shares are up during Tuesday’s premarket session, trading higher by 2.09% as the company recently announced the pricing of its upsized $2.6 billion convertible notes offering.
This offering is expected to bolster IREN’s financial position, with net proceeds estimated at approximately $2.57 billion after expenses, which could support its growth initiatives in the AI cloud infrastructure space.
IREN has priced its offering of $2.6 billion in convertible senior notes, which is an increase from the previously announced $2 billion. The notes will mature in December 2033 and will accrue interest at a rate of 1.00% per annum, payable semi-annually.
IREN Technical Analysis
The stock has shown impressive momentum over the past year, with a staggering 12-month performance of 634.35%. Currently, IREN is trading significantly above its key moving averages, with the price sitting approximately 12.7% above the 20-day simple moving average (SMA) and 29.7% above the 50-day SMA.
The MACD indicator is above …
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