BUZZ — Cipher Digital extends losses after $850 mln convertible bond sale

* Data center operator Cipher Digital's shares down 1.6% to $11.16 before the bell on Weds as it clinches capital raise * CIFR announces pricing private offering of $850 mln 0% convertible bonds (CBs) due Nov 1, 2032; conversion price of $15.31 set 35% above stock's last sale of $11.34 on Tues * CIFR's stock tumbled nearly 13% to an over 1-yr low on Tues after co unveiled offering to finance investment in its Barber Lake project and fund high-performance computing (HPC) expansion * Northland Capital Markets says in research note on Weds that CIFR disclosed Barber Lake capex increased to ~$14 mln/MW vs prior $9-$11 mln/MW guidance, raising financing and execution concerns * "We see this as the main driver of weakness across the space yesterday, as the additional capital/over-budget spending of this magnitude was not expected. Plus, this is a very tough time to get any financing done," Northland writes * Morgan Stanley and Goldman Sachs acting as bookrunners for offering * CIFR plans to use $89.7 mln of net proceeds to fund capped call transactions; cap price of $28.35 is 150% premium to stock's last close * Alongside offering, co expects to exchange a portion of its 2030 1.75% CBs f