Keel Infrastructure ( KEEL ) has priced its public offering of 1.250% convertible senior notes due 2032 at an aggregate principal amount of $400M. Due to strong market demand, the offering was upsized by $50M from the previously announced $350M baseline. The transaction is expected to close on or about June 9, 2026. The payment obligations under the notes will be fully and unconditionally guarante...
Keel Infrastructure ( KEEL ) has priced its public offering of 1.250% convertible senior notes due 2032 at an aggregate principal amount of $400M. Due to strong market demand, the offering was upsized by $50M from the previously announced $350M baseline. The transaction is expected to close on or about June 9, 2026. The payment obligations under the notes will be fully and unconditionally guaranteed on a senior unsecured basis by Bitfarms Ltd., a wholly owned subsidiary of Keel. Keel granted initial purchasers a 13-day option to buy up to an additional $58M aggregate principal amount of the notes. The notes will carry a 1.250% annual interest rate, payable semi-annually on January 15 and July 15, beginning January 15, 2027. The notes mature on January 15, 2032. The initial conversion rate is set at 134.9073 shares per $1,000 principal amount, equivalent to a conversion price of $7.41 per share. This represents a 25% premium to Keel's June 4, 2026, closing price of $5.93 on the Nasdaq. Keel retains the choice to settle conversions in cash, stock, or a combination of both. To mitigate equity dilution, Keel entered into privately negotiated capped call transactions covering the shares underlying the notes. The initial cap price is set at $11.86 per share, representing a 100% premium to the June 4 baseline price. The management plans to utilize the net capital injection to: fund the costs of the accompanying capped call transactions. Advance general corporate and operational purposes, specifically highlighting long-lead equipment deposits and collateralizing letters of credit to expand or accelerate data center development projects. While Keel's current liquidity is deemed sufficient to develop its Panther Creek, Sharon, and Moses Lake facilities through leasing, management emphasized that this capital raise significantly enhances financial flexibility to drive value-add investments across its current project pipeline. The offering of convertible notes depends on severa...
Hong Kong’s competition watchdog aims to submit proposals to criminalise bid-rigging as early as September, paving the way for the government to table legislative amendments by the end of the year, following the city’s deadliest fire in decades. Senior Counsel Jat Sew-tong, who assumed the role of chairman of the Competition Commission last month, said on Friday that the watchdog would also launch...
Hong Kong’s competition watchdog aims to submit proposals to criminalise bid-rigging as early as September, paving the way for the government to table legislative amendments by the end of the year, following the city’s deadliest fire in decades. Senior Counsel Jat Sew-tong, who assumed the role of chairman of the Competition Commission last month, said on Friday that the watchdog would also launch a study into the city’s auto fuel market amid a surge in prices. The market has faced long-standing...
Shares of AI neocloud IREN Limited (NASDAQ: IREN) rallied 39.6% in May, according to data from S&P Global Market Intelligence . May was a very active month for IREN, which included third-quarter earnings, a new formal partnership with Nvidia (NASDAQ: NVDA) , and a couple of acquisitions. Coming off a stock price downturn amid concerns over higher interest rates during the prior month, the positive...
Shares of AI neocloud IREN Limited (NASDAQ: IREN) rallied 39.6% in May, according to data from S&P Global Market Intelligence . May was a very active month for IREN, which included third-quarter earnings, a new formal partnership with Nvidia (NASDAQ: NVDA) , and a couple of acquisitions. Coming off a stock price downturn amid concerns over higher interest rates during the prior month, the positive developments catapulted IREN's stock in May. On May 5, IREN reported third-quarter results, with revenue declining 21.6% to $144.8 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 20% quarter-over-quarter to $59.5 million. Continue reading
Taiwan's Foxconn said on Friday that its second-quarter performance is likely to be well above its previously anticipated forecast of "significant" growth. Foxconn, which is Nvidia's biggest server maker and Apple's top iPhone assembler, does not provide numeric guidance for its outlook. (Reporting by Ben Blanchard; Editing by Christopher Cushing)
Taiwan's Foxconn said on Friday that its second-quarter performance is likely to be well above its previously anticipated forecast of "significant" growth. Foxconn, which is Nvidia's biggest server maker and Apple's top iPhone assembler, does not provide numeric guidance for its outlook. (Reporting by Ben Blanchard; Editing by Christopher Cushing)
Hon Hai Precision Industry Co. ’s revenue rose 34% in the April to May period, underscoring demand for the Nvidia Corp. servers essential to AI infrastructure. Sales climbed to NT$1.69 trillion ($53.6 billion) during the two months, based on Bloomberg’s calculations from monthly sales data. Analysts are projecting, on average, a rise of 32% in the June quarter. On a monthly basis, revenue rose 40%...
Hon Hai Precision Industry Co. ’s revenue rose 34% in the April to May period, underscoring demand for the Nvidia Corp. servers essential to AI infrastructure. Sales climbed to NT$1.69 trillion ($53.6 billion) during the two months, based on Bloomberg’s calculations from monthly sales data. Analysts are projecting, on average, a rise of 32% in the June quarter. On a monthly basis, revenue rose 40% in May. Hon Hai — a key assembler of servers that house Nvidia accelerators — has said it expects business to expand substantially in 2026. Demand is soaring as Alphabet Inc. , Amazon.com Inc. , Meta Platforms Inc. and Microsoft Corp. earmark $725 billion in AI spending this year, even as concerns persist about overcapacity and how to monetize the technology. The Taiwanese company also derives a significant chunk of sales from assembling Apple Inc. ’s iPhones and MacBooks. But over the past year, its server business has surpassed smartphones as the biggest contributor to sales, reflecting the global AI data center buildout. Read More: Hon Hai’s Shares Surge After AI Servers Drive Revenue and Profit