** Keel Infrastructure's KEEL.O shares down 7.3% before the bell on Fri to $5.50 after above-target capital raise

** Co announces pricing private offering of $400 mln 1.25% convertible bonds due Jan 15, 2032

** Offering size increased from $350 mln; initial conversion price of $7.41 is 25% above stock's last sale of $5.93 on Thurs

** KEEL intends to use net offering proceeds for general purposes, including funding deposits for equipment and/or collateralizing letters of credit to expand data center development

** It also plans to use some proceeds to fund capped call transactions to offset potential dilution; initial cap price is $11.86

** On April 1, Bitfarms officially rebranded as Keel Infrastructure following a redomiciliation from Canada to the U.S. in a strategic pivot from a pure bitcoin miner toward developing land, power access, and data center infrastructure for AI and high-performance computing (HPC)

** New York City-based KEEL has roughly $3.6 bln market cap through Thurs

** At last close, KEEL shares had roughly tripled this quarter