IREN Ltd (IREN) experienced a significant pre-market plunge of 5.01% following the company's announcement of a proposed $1 billion convertible senior notes offering and a concurrent registered direct offering of ordinary shares.
The offerings, which include notes due in 2032 and 2033, are intended to fund the repurchase of existing convertible notes and for general corporate purposes. Investors reacted negatively to the dual offering structure, raising concerns about potential shareholder dilution and the company's financial strategy amidst broader market volatility.
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