Semler Scientific has revealed plans to raise $75 million through a private offering of convertible senior notes maturing in 2030.
The funds will be directed toward advancing its Bitcoin-focused initiatives and supporting other corporate goals. Investors will have the flexibility to convert the notes into cash, company stock, or a mix of both. The offering also allows for an additional $15 million in purchases by initial buyers.
To reduce the potential impact of stock dilution from the notes, Semler will use capped call transactions, which involve financial institutions conducting stock or derivative transactions. These measures aim to stabilize the company’s stock value during the conversion process.
Semler’s Bitcoin strategy has been a focal point, with the company achieving a 99.3% BTC yield and acquiring 2,321 Bitcoin at an average price of $82,689 per coin. Despite the success, the stock price dropped 12.5% after the announcement, reflecting investor caution about potential dilution.
Preliminary Q4 2024 results showed revenues of $12.1–$12.5 million and operating income of $3.4–$3.7 million. The company also reported an unrealized Bitcoin gain of $28.9 million, underscoring the benefits of its digital asset treasury strategy. As Semler pursues its plans, it continues to balance its Bitcoin ambitions with investor expectations.
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