On August 20, NEBIUS declined 3.91% in regular trading, trading at approximately $216.24/share, with turnover of $12.72 billion. The stock extended the prior session's nearly 10% selloff, with cumulative drawdown deepening significantly over two consecutive sessions.

The continued decline stems from persistent dilution concerns following the company's August 19 announcement of a planned $4.5 billion convertible senior notes private offering to qualified institutional buyers under Rule 144A. The notes will be offered in two series: $2.75 billion due 2030 and $1.75 billion due 2034, with an additional overallotment option of up to $675 million. The company stated net proceeds will fund continued growth and data center expenditures. The large-scale convertible debt issuance has triggered sustained market anxiety over potential equity dilution.

Notably, despite the sharp two-day decline, options market activity on August 20 revealed a $1.72 million bull call spread, suggesting some institutional capital is positioning for a medium-term rebound against prevailing bearish sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)