Backblaze, Inc. issued $201.25 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 on August 24, 2026, including the full exercise of a $26.25 million over-allotment option. The notes carry an initial conversion price of approximately $21.94 per share and mature on August 15, 2031. Backblaze entered into capped call transactions with a cap price of $33.76 per share to mitigate potential dilution at a cost of approximately $17.5 million. Concurrently, the company amended its credit agreement with Citizens Bank, increasing revolving borrowing capacity from $20 million to $50 million and extending maturity to April 30, 2030. Backblaze operates in the technology industry as an object storage platform powering AI infrastructure and data-intensive workloads.
