Dilution

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.

Star Navigation Systems Group Ltd. (SNAVF) closed a $475,000 private placement, issuing 47.5 million units at $0.01 each, consisting of a common share and a warrant exercisable at $0.05. Proceeds will fund working capital and development of the Star-A.D.S. system, an in-flight safety monitoring technology. While the placement introduces potential dilution, it supports Star Navigation’s growth in the aviation safety market. All securities are subject to a four-month hold period.

Reviva Pharmaceuticals (RVPH) announced a $9 million public offering of 27 million shares/equivalents, plus Series E & F warrants, priced at $0.335 per share. Proceeds will fund R&D and corporate purposes. The Series E warrants expire in 5 years, Series F in 12 months, both exercisable at $0.335. Expected closing is around Sept. 22, 2025. The offering, led by A.G.P./Alliance Global Partners, may lead to shareholder dilution, with potential for 54 million additional warrant shares.

YY Group (YYGH) closed a registered direct offering, raising $4.0 million. The offering included 9,523,812 Class A shares at $0.42 each, plus warrants for up to 14,285,718 additional shares at $0.50, exercisable within 3.5 years. FT Global Capital was the placement agent. Proceeds will fund working capital and general corporate activities. The offering was made under a shelf registration statement.

Wix (WIX) priced $1.0 billion of 0.00% Convertible Senior Notes due 2030. The initial conversion price is $210.49 per share. Wix will use the proceeds for capped call transactions ($62.5M), share repurchases ($75M), and general corporate purposes. The capped call transactions aim to minimize dilution, with an initial cap price of $267.89. The notes mature on September 15, 2030, unless earlier repurchased or converted. Upsized from $750M, the offering reflects investor confidence.

On September 3, 2025, Lyft announced a private offering of $450 million in Convertible Senior Notes due 2030, with an option for initial purchasers to buy an additional $50 million. The notes, convertible at $23.52 per share, won’t pay regular interest and can be redeemed by Lyft after September 20, 2028, under certain conditions. Lyft will use proceeds for capped call transactions (cap price ~$33.60) and to repurchase ~$95.7M of Class A common stock. Remaining funds are for general corporate purposes including potential acquisitions, though no specific agreements are in place.

CyberArk is issuing $1.1 billion in 0.00% convertible senior notes due 2030, upsized from $750 million. The notes are exchangeable for CyberArk shares at an initial conversion price of roughly $509.84, a 30% premium. The company has also entered into capped call transactions to mitigate dilution. Proceeds will fund corporate purposes, potentially including acquisitions.