IREN Stock Is Tumbling After The Bell: Here's Why

IREN Ltd (NASDAQ:IREN) shares are falling in Tuesday’s after-hours session after the company announced a proposed convertible notes offering.

IREN is approaching key resistance levels. View the charts here.

What To Know: After the market close on Tuesday, IREN said it intends to offer $875 million of convertible senior notes due 2031 in a private offering to institutional investors.

IREN expects to grant the initial purchasers of the notes a 13-day window to buy up to an additional $125 million of the notes being offered.

IREN said it plans to use the net proceeds for general corporate purposes and working capital. The company had approximately $564.5 million of total cash and cash equivalents as of June 30.

How To Buy IREN Stock

Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For IREN, it’s in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

IREN Price Action: IREN shares were down 6.42% in after-hours, trading at $57.71 at the time of publication on Tuesday, according to Benzinga Pro.

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