CleanSpark, Inc. announced the successful closing of its previously announced offering of $650 million aggregate principal amount of 0.00% Convertible Senior Notes due 2030. This amount includes the initial purchasers' full exercise of their option to purchase an additional $100 million in notes.
The net proceeds of approximately $633.6 million will be used to fund growth through 50 EH/s and beyond, repurchase 11.76 million shares of common stock for approximately $145 million, and pay for capped call transactions totaling approximately $90.4 million. The remaining proceeds are designated for repaying the Coinbase line of credit, capital expenditures, potential acquisitions, and general corporate purposes.
CEO Zach Bradford stated that this offering provides stockholders greater clarity on near-term share count, as the company has no immediate plans for further equity or equity-linked offerings. This non-dilutive financing strategy positions CleanSpark to achieve its strategic objectives and continue adding mined Bitcoin to its balance sheet.
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