PANews reported on February 20 that Strategy announced that it expects to complete the issuance of $2 billion in convertible senior notes tomorrow (February 21), subject to the satisfaction of customary conditions. It is reported that the conversion ratio of this note will initially be 2.3072 shares of Strategy's Class A common stock for every $1,000 of the principal amount of the note, equivalent to an initial conversion price of approximately $433.43 per share.
Strategy estimates that the net proceeds, after deducting fees and estimated expenses, will be approximately $1.99 billion, and plans to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital.
