Backblaze issues $201.25M 0% convertible notes due 2031 at 30% premium

Backblaze, Inc.

$201.25M of 0% Convertible Senior Notes due Aug 15, 2031 issued Aug 24, 2026; net proceeds ~$167M.
Initial conversion price ~$21.94/share (45.5705 shares per $1,000), 30% premium over $16.88 close.
Capped call transactions cost ~$17.5M; cap price $33.76/share, 100% premium over $16.88.
Fifth Amendment raised revolver capacity from $20M to $50M and extended maturity to Apr 30, 2030.
Notes non-callable until Aug 20, 2029; proceeds for capex and general corporate purposes.

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