What is the conversion price and how does it compare to the current market price of DNN stock?

Conversion price: The upsized 2025‑2031 convertible senior notes are priced to convert at US $1.00 per DNN share (the “conversion price”).

Current market price of DNN stock: As of the August 13 2025 pricing announcement, DNN’s common shares were trading around US $0.90‑$0.92 on the NY Amex and TSX markets.

How the two compare

The $1.00 conversion price represents a ~10 % premium to today’s share price. In convertible‑note terms this is a modest conversion premium – it gives the notes a built‑in upside cushion before conversion becomes attractive, while protecting existing shareholders from immediate dilution.

Trading implications

• Yield vs. upside: The notes carry a relatively high coupon (typical for a sub‑$1 conversion price) and will likely trade at a spread to Treasuries that reflects the conversion premium. As long as DNN stays below $1.00, the notes behave like high‑yield debt; if the stock rallies above $1.00, conversion risk rises and the notes could trade down toward equity levels.
  
• Equity‑play: For long‑biased equity traders, the conversion premium signals that a sustained rally to $1.00+ is needed to trigger conversion. Monitor price‑support zones (≈ $0.85–$0.90) and any catalyst (e.g., uranium‑price moves, mine‑development news) that could push DNN toward the $1.00 threshold.
  
• Positioning: Holding the notes is attractive for income if you expect DNN to remain flat or modestly below $1.00. If you’re bullish on a breakout, a long DNN equity position with a stop just below $0.90 can capture upside while the notes provide a hedge if the rally stalls and the notes revert to debt‑like pricing.
  

In short, the $1.00 conversion price sits about 10 % above today’s market level, limiting immediate conversion risk and framing the convertible notes as a yield‑focused instrument unless the stock can break above the $1.00 mark. Traders should watch for any upward momentum that narrows that premium, as it will dictate whether the notes stay debt‑like or begin to act as a conversion vehicle for equity exposure.