WhiteFiber Inc (NASDAQ:WYFI) shares are trading lower in Tuesday’s after-hours session after the company announced a proposed offering.

WhiteFiber Announces Proposed Offering

WhiteFiber said it intends to offer $250 million of convertible senior notes due 2032 in a private placement to institutional investors. The AI infrastructure company plans to grant the underwriters a 13-day option to buy up to an additional $37.5 million of the notes.

WhiteFiber expects to use the net proceeds from the offering primarily to fund data center expansion, as well as for potential acquisitions, partnerships and joint ventures related to its data center expansion plans.

WhiteFiber had approximately $60.4 million in total cash and restricted cash as of June 30.

WYFI Shares Tumble After Hours

WYFI Price Action: WhiteFiber shares were down 24.27% in after-hours Tuesday, trading at $20.50 at the time of publication, according to Benzinga Pro. The stock fell 10.81% in Tuesday’s regular trading session.

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