On December 13, CleanSpark, Inc., a Nasdaq-listed miner, announced that it plans to offer initial subscribers a total of $550 million in convertible senior notes maturing in 2030, depending on market conditions and other factors. CleanSpark also expects to grant initial purchasers of convertible notes the option to purchase additional convertible notes up to a total principal amount of $100 million within 13 days of the initial issue date of the convertible note.
The company plans to use the net proceeds from the issuance to cover the cost of trading capped call options, using up to $125 million of net proceeds to repurchase the company's common stock from convertible bond investors, and the remaining net proceeds to fully repay the company's outstanding amount under the Coinbase line of credit, capital expenditures, acquisitions, and general corporate purposes.
Nasdaq-listed miner CleanSpark plans to issue $550 million convertible senior notes
2024-12-13 01:02:12
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