On June 21, 2024, Hut 8 Corp., a Delaware-based company, entered into a Convertible Note Purchase Agreement with Coatue Tactical Solutions Lending Holdings AIV 3 LP, securing a $150 million investment through a convertible note. The note, guaranteed by Hut 8 Mining Corp., a wholly-owned subsidiary, will fund growth capital expenditures and general corporate purposes. The note carries an 8% annual interest rate, payable quarterly, with an initial five-year term extendable by the company for up to three additional years. The note is convertible into common stock at $16.395 per share, with anti-dilution adjustments, and may result in up to 9,149,131 shares issued upon full conversion. The company retains the right to redeem the note under certain conditions, and the purchaser can demand repurchase in...Show More

On June 21, 2024, Hut 8 Corp., a Delaware-based company, entered into a Convertible Note Purchase Agreement with Coatue Tactical Solutions Lending Holdings AIV 3 LP, securing a $150 million investment through a convertible note. The note, guaranteed by Hut 8 Mining Corp., a wholly-owned subsidiary, will fund growth capital expenditures and general corporate purposes. The note carries an 8% annual interest rate, payable quarterly, with an initial five-year term extendable by the company for up to three additional years. The note is convertible into common stock at $16.395 per share, with anti-dilution adjustments, and may result in up to 9,149,131 shares issued upon full conversion. The company retains the right to redeem the note under certain conditions, and the purchaser can demand repurchase in the event of a change of control or delisting, with the price dependent on the common stock's valuation. The agreement includes standard covenants and events of default, and a registration rights agreement will be established for the resale of common stock issued upon conversion. The transaction is expected to close by July 11, 2024, subject to customary conditions. The note and common stock have not been registered under the Securities Act and are exempt from registration, relying on Rule 506 of Regulation D and Section 4(a)(2). Hut 8 Corp. is a leading energy infrastructure operator and one of North America's largest Bitcoin miners, aiming to leverage its expertise to become a leader in AI infrastructure.