New York, June 17, 2026, 06:04 (EDT)
- Keel was quoted near $6.10 before the Nasdaq open, after closing at $5.96, with the regular session still ahead.
- A fresh 8-K showed Keel moved its audit work to PwC U.S. after its U.S. redomiciliation, with no reported audit disagreements.
- Investors are weighing a $458 million convertible-note raise against the still-unproven lease-up of Keel’s AI data-center sites.
Keel Infrastructure Corp. shares were indicated modestly higher in early Wednesday trading, extending Tuesday’s rebound, as investors looked past a fresh auditor-change filing and kept focus on the company’s recently closed debt raise for AI data-center development.
The stock was last quoted around $6.10 before the regular Nasdaq session, after finishing at $5.96. Premarket trading is trading before the main 9:30 a.m. Eastern session; it can be thin, so early moves do not always hold once regular trading starts.
Why it matters now: Keel is asking the market to value power, land and grid access before signed AI tenant revenue arrives. The company says it develops data centers and energy infrastructure for high-performance computing, or HPC — large-scale computing used for AI and other data-heavy work — with sites in Pennsylvania, Washington and Quebec.
The latest official filing was not a customer win. An 8-K signed by Chief Financial Officer Jonathan Mir on June 16 said Keel appointed PricewaterhouseCoopers LLP in the United States as auditor for fiscal 2026 and dismissed PwC Canada because of its move from Canada to the United States; the filing said there were no audit disagreements or reportable events through June 11.
The larger market backdrop remains the June 9 closing of $458 million of 1.250% convertible senior notes due 2032. Convertible notes are debt that can later turn into shares under set terms; “senior” means the debt ranks ahead of common stock in a claim on the company. Keel said net proceeds were about $445.4 million before expenses and capped-call costs. GlobeNewswire
Keel said some proceeds funded capped calls — derivatives meant to reduce share dilution from conversions up to a set cap — and the rest could support equipment deposits or letters of credit for data-center projects. The company put the initial conversion price near $7.41 a share and the capped-call price at $11.86, both based on the June 4 Nasdaq close.
Management has framed the strategy as a North American infrastructure shift, not just a mining story under a new name. In May, CEO Ben Gagnon said Keel had “focused our development pipeline” on supply-constrained HPC/AI markets, while Mir said liquidity let the company develop “at the speed our customers require.” GlobeNewswire
The peer comparison investors have in mind is Applied Digital, which last week signed a 15-year, roughly $5.2 billion lease for 210 megawatts of capacity with a U.S.-based investment-grade hyperscaler. That kind of anchor-tenant deal is the proof point Keel has not yet shown.
But the downside is plain enough. Keel’s first-quarter revenue fell 23% to $37 million and loss from continuing operations widened to $128 million; adjusted EBITDA, a company-defined profit measure before interest, tax, depreciation, amortization and certain other items, was negative $17 million. If permits, leasing or power delivery slip, future share issuance or note conversion could dilute shareholders — leaving existing investors with a smaller slice.
Friday will also shorten the week. Nasdaq lists U.S. equity and options markets as closed on June 19 for Juneteenth, leaving fewer regular-session hours for investors to digest any new filing, financing update or lease signal before the weekend.
