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Bitcoin Stock News Bite - MicroStrategy Incorporated (Nasdaq: MSTR) Gains over 14%

 

March 11, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Bitcoin/Crypto Stock News Bites - MicroStrategy® Incorporated (Nasdaq: MSTR) pops, trading at $1,632.57, up 206.98 or 14.52%, with a day's high of $1,657.06. Bicoin is currently trading at $72,497.72 US.

The Company announced that today that, on March 8, 2024, it completed its previously announced offering of 0.625% convertible senior notes due 2030 (the "notes"). The aggregate principal amount of the notes sold in the offering was $800 million, which includes $100 million aggregate principal amount of notes issued pursuant to an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, which the initial purchasers exercised in full on March 6, 2024 and which additional purchase was also completed on March 8, 2024. The notes were sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

The notes are unsecured, senior obligations of MicroStrategy, and bear interest at a rate of 0.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2024. The notes will mature on March 15, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after March 22, 2027, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if the last reported sale price of MicroStrategy's class A common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on the trading day immediately before the date the notice of redemption is sent. If MicroStrategy redeems fewer than all the outstanding notes, at least $90 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/microstrategy-completes-800-million-offering-113000474.html

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