Convertible Notes

Arrowhead Pharmaceuticals successfully raised $625 million through convertible notes and common stock offerings. This substantial capital infusion will fund pipeline development, operations, and potential product launches. The offerings include 0.00% convertible senior notes due 2032 and common stock, with underwriters having options to purchase additional securities. The company also utilized capped call transactions to mitigate potential dilution from note conversions. Proceeds will support R&D, clinical trials, and general corporate purposes.

summary.Fastly Inc. priced a $160 million 0% convertible senior note offering (due 2030) under Rule 144A, extending the original $125 million target. The notes carry no interest, mature Dec 15 2030, and convert at 65.5136 shares per $1,000 (≈$15.26 per share), a 32.5% premium to the $11.52 market price. Proceeds (~$154 million) will fund capped‑call transactions and repurchase up to $150 million of its 2026 notes. Redemption is allowed after Dec 20 2028 if the share price exceeds 130% of the conversion price, and a “fundamental change” clause permits forced repurchase.

Rusoro Mining (RMLFF) announced that a Delaware federal court issued a Sale Order authorizing the transfer of PDV Holding shares to Amber MSub LLC, generating proceeds to extinguish $5.892 billion in judgments against Venezuela and PDVSA. Rusoro’s $1.55 billion U.S. judgment will be settled with $400 million cash, $650 million convertible notes and equity warrants. The transaction remains pending appeal by the Venezuelan government and requires OFAC clearance, posing regulatory and litigation risk.

.Maris‑Tech Ltd. (Nasdaq: MTEK) issued $2 million in non‑interest‑bearing convertible promissory notes to institutional investors. Net proceeds will fund working capital, general corporate needs, and U.S. commercial expansion. Note A opens a conversion window at six months and is fully convertible at twelve months; Note B is fully convertible at twelve months, with any remaining principal automatically converting after twenty‑four months, all subject to a price‑floor formula. The notes were sold in a private placement exempt from registration, meaning they cannot be publicly resold and will dilute existing shareholders upon conversion.

dynaCERT Inc. announced a non‑brokered private placement of up to $2 million in convertible unsecured units, each containing a 5%‑interest note maturing in two years (convertible into 13,333,333 shares at $0.15) and 6,666,667 warrants exercisable at $0.20 for two years. Proceeds will fund global expansion of HydraGEN™ emissions‑reduction technology, working capital, and corporate initiatives. Units are offered to qualified investors under Canadian and applicable offshore exemptions, with a four‑month lock‑up. Concurrently, director Jean‑Pierre Colin resigned after nine years.

Voyager Technologies (VOYG) priced a $435 million private offering of 0.75% convertible senior notes due 2030, increased from an initial $300 million. Proceeds will fund expansion, share repurchases, and capped call transactions to offset dilution. The notes, offered to qualified institutional buyers, feature a conversion price of $30.98, a 30% premium over the November 6, 2025, share price. Voyager can redeem the notes after November 20, 2028, under specific conditions. A prepaid forward stock repurchase is also planned. The offering is expected to close on November 12, 2025.

TeraWulf (WULF) priced a $900M private offering of 0.00% Convertible Senior Notes due 2032, potentially reaching $999.7M. Net proceeds will fund a data center campus in Abernathy, Texas, and general corporate expenditures. The initial conversion rate is 50.1567 shares per $1,000, implying a ~$19.94 conversion price. The notes, maturing May 1, 2032, include a 37.5% conversion premium and an option for initial purchasers to acquire an additional $125M.

Bitfarms (BITF) priced an upsized US$500M offering of 1.375% convertible senior notes due 2031, plus an initial purchaser option for US$88M. Closing is expected around October 21, 2025, contingent on standard conditions and TSX approval. The initial conversion rate is 145.6876 shares per US$1,000, ≈US$6.86 per share, a ~30% premium. Capped call transactions mitigate dilution, with an initial cap price of US$11.88 (~125% premium). Net proceeds will fund general corporate purposes and capped calls.

Beyond Meat announced the early tender results of its exchange offer for its 0% Convertible Senior Notes due 2027. As of October 10, 2025, $1,114,603,000 in notes were tendered, representing 96.92% of the outstanding principal. The company will proceed with early settlement on October 15, 2025, issuing new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and shares of common stock. The exchange offer aims to reduce leverage and extend debt maturity. Certain new shares will be subject to trading restrictions until October 16, 2025.