NEW YORK — Shares of Cipher Digital Inc. fell sharply Tuesday after the data-center developer said it intends to offer $850 million of zero-interest convertible senior notes due 2032 and to exchange a portion of its existing 2030 notes for common stock.

The stock traded near $10.85 in morning activity, down about 16.5 percent from the prior close, according to market data. The company said the offering is subject to market and other conditions and will be made privately to qualified institutional buyers under Rule 144A. Initial purchasers will have a 13-day option to buy up to an additional $150 million of the notes.

The notes will mature on Nov. 1, 2032, unless earlier........

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