XETRA:KCO 8 December 2025

July 10, 2026, 11:31 AM EDT. Fermi Inc. (NASDAQ:FRMI) dropped 17.8% to $6.02 after the company priced a $375 million convertible bond. The deal, which lets holders convert to shares, triggered about $820 million in lost market value-over double the amount Fermi is raising. The company is using the proceeds, around $332.25 million after hedging, to refill cash spent on recent property and equipment buys. The new notes come with dilution risk since the conversion price sits well above the current stock price, and they push debt up roughly 70%. Investors reacted to Fermi's capital plans and execution questions, a sharper selloff than seen at Digital Realty or Equinix, which both traded up. Management says tenant and joint-venture talks are ongoing as they push these changes through.