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Bit Digital Shares Slide 8% on $135M Upsized Convertible Note

Bit Digital (BTBT) shares slid 8% at the U.S. market open, dropping to 2.92afterthecompanyannouncedanupsized2.92 after the company announced an upsized 135 million convertible note offering. Bit Digital increased the size of the 4.00% convertible senior notes offering from 100million.Underwritersholda30dayoptiontopurchaseuptoanadditional100 million. Underwriters hold a 30-day option to purchase up to an additional 15 million. The notes will mature on Oct. 1, 2030, unless earlier converted, redeemed or repurchased. The initial conversion price is set at $4.16 per share, representing a 30% premium over ...