Core Scientific drops 10% after $400 million convertible senior note offer
Core Scientific stock has dropped to $8.46 per share on the Nasdaq following an announcement of offering convertible senior notes to help settle debts.
Shares in Bitcoin miner Core Scientific dropped just over 10% following its announcement of offering up to $400 million in convertible senior notes to investors, up from the initial $350 million a day earlier.
A senior convertible note is a type of debt security that can be converted into equity at a later date and accrue interest payments for the investor over time. It’s a form of debt for the company.
Core Scientific’s stock has dropped 10% to $8.46 per share on the Nasdaq. However, after hours, it recovered by 1% to $8.55.
