Backblaze Proposes $150 Million Convertible Senior Notes Offering

Backblaze (BLZE) priced a $175M upsized convertible notes offering, up from $150M, with an option for $26.25M more. Notes mature in 2031, convertible at $21.94/share, a 30% premium. Proceeds, ~$167.2M, will fund corporate purposes and capital expenditures.

Backblaze (BLZE) stock fell 8.3% in after-hours trading to $17.60 after announcing a $150M convertible note offering, with a 13-day over-allotment option for $22.5M more. The company's stock had risen over 60% in two weeks prior. The broader market was relatively flat, indicating the decline was company-specific. The notes, due 2031, may dilute existing shares. BofA Securities is leading the deal.

Backblaze (BLZE) plans to offer $150M in convertible notes due 2031, with an option for $22.5M more. Proceeds will be used for capped call transactions, corporate purposes, and capital expenditures. BofA Securities is the lead bookrunner. The notes are for qualified institutional buyers under Rule 144A.

Backblaze Inc (BLZE) shares fell 6.7% after announcing a $150M convertible notes offering due 2031. The company plans to use proceeds for capped call transactions, corporate purposes, and capital expenditures. BofA Securities is leading the offering. The notes may convert into cash, stock, or a combination, with terms to be determined.

Backblaze (BLZE) plans to offer $150M in convertible senior notes due 2031, in a private offering to qualified institutional buyers. The offering is subject to market conditions.

Backblaze Inc. (BLZE) shares rose about 68% in Tuesday trading after Q1 results beat expectations. The company reported EPS of $0.04 on revenue of $38.7M versus estimates of nil EPS and $37.8M revenue, citing AI customer traction, including contracts adding about $1.5M annual value. Backblaze guided Q2 revenue to $39.8M-$40.2M and raised FY2026 revenue to $161.5M-$163.5M.