11:30 AM EDT, 08/13/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and the first paragraph.)

Core Scientific ( CORZ ) shares were down 11% in recent Tuesday trading after the company said it plans to offer $350 million of convertible senior notes due 2029 in a private offering to institutional investors.

The company said it expects to grant the initial purchasers of the notes an option to buy up to an additional $52.5 million of notes.

The notes will mature on Sept. 1, 2029, unless earlier converted, redeemed, or repurchased.

Price: 8.43, Change: -1.05, Percent Change: -11.03