Cipher's extra Barber Lake spend should earn a double-digit unlevered yield on current estimates. The convertible pays for overruns shared with the tenant; capex has reached $14M/MW amid labor and supply-chain inflation. The stock should not rise on the financing news, but will be much higher once the site is leased. Book value is historical cost and does not capture contracted lease cash flows, so 9x book cannot tell whether the stock is expensive. x.com  x.com  x.com  x.com  x.com  x.com  x.com 

Voyager Technologies' nearly 20% drop on a $350M convertible note offering looks excessive for a business that was always going to need substantial capital. It is fundamentally capital intensive, so if it executes this won't be its last raise. Dilution matters a lot, but it shouldn't surprise anyone here. @wealthmatica, who flagged the stock, senses a buying opportunity soon. x.com 

AST SpaceMobile looks set to fall after announcing a $1 billion offering of convertible notes due 2034 while the stock was already struggling. x.com 

Nebius's proposed $3.75B convertible notes offering is a negative for shareholders. Per Trade The News, Nebius announced a proposed private offering of $3.75B of convertible senior notes. x.com  x.com 

Nebius is making a lower high while taking on more debt, with a new $4.5 billion convertible senior notes offering. x.com 

Decoy Therapeutics' 42% jump looks like a fade because a warrant inducement means active dilution. It issued 2.37 million new warrants and raised $3.85 million against a $2.9 million market cap and a 570K float. Cash per share is $12.66, but the ongoing dilution is the fade catalyst; the fade probability is put at 75%. x.com 

Applied Optoelectronics is diluting shareholders with a $600M offering, which sent the stock down 9% after hours. Management likes to burn shareholders, so staying away for now. x.com  x.com  x.com