What's Going On With Marathon Digital Holdings Stock?
Portfolio Pulse from Erica Kollmann
Marathon Digital Holdings, Inc. (NASDAQ:MARA) announced that it has entered into exchange agreements with certain holders of its 1.00% Convertible Senior Notes for newly issued shares of stock. The exchange involves approximately $417 million aggregate principal amount of the notes for an aggregate of approximately 26.2 million newly issued shares of Marathon common stock. After the exchanges, approximately $331 million aggregate principal amount of the convertible senior notes will remain outstanding. The company's shares are trading lower.
September 08, 2023 | 3:36 pm
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Marathon Digital Holdings has entered into exchange agreements for its Convertible Senior Notes for newly issued shares. This has led to a decrease in the company's share price.
The announcement of the exchange agreements has led to an increase in the supply of Marathon Digital Holdings' shares in the market. This increase in supply, without a corresponding increase in demand, has led to a decrease in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100