Bitfarms Ltd. (NASDAQ:BITF) extended its losing streak to a 5th straight session, dropping 12.25 percent to $3.94 after raising $588 million from convertible senior notes issuance. The notes will mature in 2031 with an interest rate of 1.375 percent. Noteholders can convert to cash or shares. Proceeds will support infrastructure development in North America.

The issuance includes $500 million in aggregate principal amount and $88 million overallotment option to underwriters. Every $1,000 notes can convert to 145.6876 common shares at $6.86 apiece, a 30 percent premium over the $5.28 closing price last October 16. The offering will fund high-performance computing and AI infrastructure development in North America.

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Read more at Yahoo Finance: Bitfarms (BITF) Extends Losses on 5th Day, Mimics Bitcoin Drop