Keel Infrastructure Corp (NASDAQ:KEEL) shares are trading lower in Thursday’s after-hours session after the company announced a proposed offering.
- Keel Infrastructure stock is among today’s weakest performers. Why are KEEL shares down?
Keel Announces $350 Million Offering
After the market close on Thursday, Keel announced that it plans to offer $350 million of convertible senior notes due 2032. The digital and energy infrastructure company will also grant the underwriters a 13-day window to buy up to an additional $58 million of the convertible notes.
Keel said it plans to use the net proceeds for general corporate purposes, which may include funding deposits for long-lead equipment or collateralizing letters of credit related to expanding data center development projects.
Keel is the rebrand of Bitfarms, a Bitcoin miner that completed a full strategic pivot away from crypto and into HPC/AI infrastructure. The company is now positioned as a North American digital infrastructure company that develops and owns data centers and energy infrastructure for high-performance computing workloads.
As of May 8, the company had total liquidity of approximately $533 million, which included approximately $336 million in cash and approximately $197 million in unencumbered Bitcoin.
KEEL Shares Slide After The Bell
KEEL Price Action: Keel shares were down 6.75% in after-hours, trading at $5.53 at the time of publication on Thursday, per Benzinga Pro. Even after Thursday’s pullback, the stock is still up approximately 82% over the past month.
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