What's Going On With Cipher Mining Stock Wednesday?

Cipher Mining, Inc. CIFR stock is trading lower Wednesday. The company the provided details regarding the pricing of its senior note offering.

What To Know: The company announced $150 million in senior notes due in 2030. The notes carry an interest rate of 1.75%.

Net proceeds from the offering, before expenses, will total $145.87 million.

Cipher plans to use the proceeds to complete Phase 1 of its Black Pearl data center project. This includes purchasing the remaining mining rigs at a discount, covering tariffs and shipping costs and funding infrastructure-related capital expenses.

The company also noted that a portion of the funds may be used for general corporate purposes.

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CIFR Price Action: At the time of writing, Cipher stock is trading 7.94% lower at $3.48, according to data from Benzinga Pro.

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