New York, June 11, 2026, 19:01 EDT
- KEEL finished Thursday up 5.14% on Nasdaq, closing at $5.52 after ranging from $5.04 to $5.72.
- Keel in its new SEC filing said it closed $458 million in 1.250% convertible senior notes due 2032 on June 9.
- The company said the funds will help it stay flexible as it works on AI and high-performance computing data center projects.
Keel Infrastructure Corp. stock rose on Thursday as the market reacted to the company’s just-completed convertible debt deal for its AI infrastructure projects. KEEL closed on Nasdaq at $5.52, up 5.14%. Volume hit 48.42 million shares and market cap listed at roughly $3.33 billion, according to Google Finance.
Keel shares moved after the company put out a new Form 8-K with a June 9 report date and filed June 10, detailing a material definitive agreement, new direct debt, sales of unregistered securities, and some other items. The SEC filing disclosed Keel has closed $458 million in 1.250% convertible senior notes due 2032. That number includes a $58 million option taken up by the deal’s initial buyers in full.
Keel said net proceeds from the offering totaled about $445.4 million before taking out expenses and the capped call cost. The notes have an initial conversion price near $7.41 a share, putting the premium around 25% over Nasdaq’s $5.93 close on June 4. Keel put the capped call starting price at $11.86 a share.
Keel said it used some of the proceeds for capped calls. The rest goes to general corporate purposes, like long-lead equipment deposits and providing collateral for letters of credit connected to data center expansion or projects running ahead of schedule. According to a June 11 Data Center Dynamics piece, Keel will put the financing toward AI data center builds, with a 2.2-gigawatt pipeline running through Pennsylvania, Washington and Québec.
KEEL shares saw volatile trading as the financing talks continued. TipRanks, citing The Fly, said June 10 that shares were down 24 cents at about $5.42. Options volume sat around 100,000 contracts, matching the average. Calls outpaced puts. Implied volatility was above its 52-week median.
Keel took over as the new parent structure for Bitfarms after the group’s U.S. redomiciliation in April. CEO Ben Gagnon called Keel “a pure-play infrastructure developer and owner” at the time. The company is now focused on energy-secured sites geared to AI and high-performance computing clients. GlobeNewswire
Keel’s latest quarter showed why its funding caught investor attention. The company posted Q1 revenue of $37 million, a 23% drop from a year ago. Operating loss landed at $98 million. Loss from continuing operations hit $128 million. Liquidity stood at about $533 million on May 8.
Google Finance shows a range of analyst calls on KEEL. Out of eight analysts tracked in the last three months, seven have Buy ratings and one has Hold. Price targets for 12 months are scattered, going from $3.00 up to $8.00. The average target sits at $5.52, which is where KEEL closed Thursday.
