Bitdeer plunges after direct stock, convertible bonds sale

Shares of bitcoin miner Bitdeer Technologies BTDR.O down 22.5% at $10.80 premarket after capital raise

Singapore-based BTDR announces pricing direct stock offering of ~10.7 mln shares to certain holders of its 5.25% convertible bonds (CBs) due 2029 at $13.94, matching stock's last close

It also announces pricing private offering of $400 mln 4% CBs due 2031

Initial conversion price of $17.77 represents 27.5% premium to offering price of the direct stock offering

The 2031 CBs were marketed with 3.5%-4.0% coupon, and 27.5%-32.5% conversion premium

BTDR plans to use net proceeds from the dual offerings to repurchase the 2029 CBs, datacenter expansion, ASIC based mining rig development and manufacture, and for other purposes

Barclays is placement agent for the direct stock offering. Barclays, BTIG and Cantor Fitzgerald are active bookrunners for the new CBs

Shares on Weds fell for third straight session, shedding ~37% this week