Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Apollo Global Management, Inc (NYSE:APO) and Elliott Management Corp purchased $900 million of convertible preferred stock of Western Digital Corp (NASDAQ:WDC).
- The investment strengthens Western Digital's financial position and flexibility as it reviews strategic alternatives to optimize long-term value for its shareholders.
- WDC appointed Apollo partner Reed Rayman to its board in connection with the investment.
- The preferred stock's initial conversion price of $47.75 represents a 44% premium to the closing price on January 4, 2023.
- The preferred stock will bear a cumulative and compounding dividend at a rate of 6.25% p.a. over the initial liquidation preference of $1,000.00 until the seventh anniversary of the closing. At that time, the dividend shall increase to 7.25% p.a. until the tenth anniversary of the closing, when the dividend shall increase to 8.25% p.a.
- WDC CEO David Goeckeler said, "We have tremendous respect for Apollo and Elliott. Their partnership and perspectives as experienced capital investors will help us facilitate the next stages of Western Digital's strategic review."
- In January, WDC resumed talks with Japan's Kioxia Holdings Corp in a deal that could unite two technology storage providers.
- The parties discussed merging into one publicly traded company.
- Kioxia spun off from Toshiba Corp (OTC:TOSYY), and WDC operated a joint flash memory chip plant in central Japan's Yokkaichi.
- Price Action: WDC shares closed lower by 0.66% at $43.95 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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