Cloudflare, Inc.
(NYSE:NET) shares are trading lower on Friday as investors digest the company raising capital via zero-interest convertible notes.
Cloudflare Raises $2.5 Billion Cloudflare issued $2.5 billion of 0% convertible senior notes due 2031, including the full exercise of a $325 million additional-purchase option.
The deal generated about $2.46 billion in net proceeds.
The notes mature Aug. 15, 2031 and initially convert at about $496.94 per share, a roughly 60% premium to Cloudflare’s $310.59 closing price on Aug. 10.
