On September 1, NEBIUS fell 3.16% in pre-market trading, trading at $199.96/share, with turnover of approximately $62.04 million. The stock has now retreated over 30% from its mid-August high.

The decline reflects ongoing market concerns over the company's recently completed $5.75 billion convertible senior notes private offering, which closed on August 25. The issuance comprises $3.45 billion in 2030-maturity notes at 0.50% with a conversion premium of approximately 40%, and $2.30 billion in 2034-maturity notes at 4.50% with a conversion premium of approximately 45%, with initial buyers exercising their over-allotment options in full. Total liabilities have since exceeded $8.5 billion, while quarterly interest expenses surged 2,381% year-over-year to $119 million, intensifying leverage concerns.

Adding to the bearish sentiment, Director Charles E Ryan sold approximately 49,000 shares on August 14 at prices between $263.14 and $269.74. The options market has also seen repeated million-dollar-scale put orders in recent sessions, reflecting cautious institutional positioning. Meanwhile, the broader Systems Software sector traded lower, with peers including Microsoft down 1.22%, CrowdStrike down 2.24%, and ServiceNow down 2.66%.

(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.)