---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-246066"
form_type: "8-K"
ticker: "NET"
cik: "0001477333"
company_name: "Cloudflare, Inc."
filed_at: "2021-08-13T23:59:59+00:00"
generated_at: "2026-06-29T11:14:47.076351+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Cloudflare prices $1.125B 0% convertible notes due 2026; exchanges $400M of 2025 notes

## Summary
- Offering upsized from $1B to $1.125B; initial conversion price ~$191.34 per share (52.5% premium to $125.47 close).
- Net proceeds ~$1,108M; ~$75M used for capped call transactions, ~$400.7M to exchange 2025 notes.
- Exchange of $400M aggregate principal of 0.75% 2025 notes for cash and 7,558,509 shares; $175M of 2025 notes remain.
- Capped call transactions with strike ~$191.34 and cap ~$250.94 reduce dilution on conversion; expire over 40 days through Aug 2026.
- Notes mature Aug 15, 2026; redeemable after Aug 20, 2024 if stock price ≥130% of conversion price for 20 of 30 trading days.

## SEC filing metadata
- accession: 0001193125-21-246066
- form_type: 8-K
- ticker: NET
- cik: 0001477333
- company_name: Cloudflare, Inc.
- filed_at: 2021-08-13T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1477333/000119312521246066/0001193125-21-246066-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1477333/000119312521246066/d181190d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-246066
- JSON: https://secwatch.observer/filing/0001193125-21-246066.json
- Plain text: https://secwatch.observer/filing/0001193125-21-246066.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.