Nebius 风险较高，因为其依赖可转换债券：只有股价上涨，转股才能实现；若未能转股，Nebius 就必须另寻资金。其中大部分债务（包括 9 月发行的部分）低于其转股价，交易价格约为面值的 85 美分。
逐段跳播
Nebius 是我在这里列为高风险公司的公司之一，因为它没有那种只包含回报的传统债务。他们有可转换债券。如果你的股价最终上涨，你可以直接把那笔债务转换成股票，这非常好。这意味着你以比直接在股票市场上卖股票更有吸引力的价格筹集资金。
但如果债务没有转换，你就必须找到那笔钱。这才是真正的挑战。因此，他们的大部分债务现在在过去两个月里已经跌破了转换价。目前，他们几周前、也就是 9 月才发行的债务，现在的交易价格约为每美元 85 美分。
Well, Nebius is one of the companies I've highlighted here as a high-risk company because it doesn't have traditional debt that only includes returns. They have convertible debt.
This is great if your stock price eventually rises and you can simply convert that debt into shares. This means you are raising capital at more attractive prices than you would get simply by selling shares on the stock market .
But if the debt doesn't convert, you have to find that money. This is the real challenge . Therefore, much of their debt has now fallen below the conversion rate in the past two months.
Currently, their debt, which was issued just in September, a few weeks ago, is now trading at around 85 cents to the dollar.