CleanSpark, Inc. announced the pricing of its offering of $550 million aggregate principal amount of 0.00% Convertible Senior Notes due 2030. The offering includes a 13-day option for initial purchasers to buy up to an additional $100 million aggregate principal amount of the notes.
The company anticipates net proceeds of approximately $535.9 million, or $633.6 million if the option for additional notes is fully exercised. These proceeds will be used to pay approximately $76.5 million for capped call transactions and $145.0 million to repurchase shares of its common stock from investors.
The initial conversion price is approximately $14.80 per share, representing a 20.00% premium to the common stock's closing price of $12.33 on December 12, 2024. The capped call transactions have a cap price of $24.66 per share, a 100% premium, designed to reduce potential dilution upon conversion.
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