<ul data-eligibleForWebStory="true"><li>IREN, a Nasdaq-listed Bitcoin mining and AI firm, plans to offer $450 million in convertible notes to qualified institutional buyers under Rule 144A.</li><li>The firm may grant an option for an additional $50 million, potentially raising the total to $500 million.</li><li>The notes, senior unsecured obligations, will mature on December 15, 2029, with interest payable semi-annually.</li><li>Noteholders will have the right to convert under specified conditions, with conversion settled in cash, ordinary shares, or a mix of both.</li><li>IREN can redeem the notes in cash at its discretion starting June 20, 2028, based on certain conditions and share price performance.</li><li>Noteholders can demand cash repurchase if specific 'fundamental change' events occur.</li><li>Exact terms like interest rate and conversion rate will be determined at the offering's pricing, based on market conditions.</li><li>The fundraising aims to support IREN's operations and growth in the Bitcoin mining and AI sectors.</li></ul>

Nasdaq-Listed Bitcoin Mining & AI Firm Plans $450M Convertible Note Offering

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