Summary by Moomoo AI
CleanSpark entered into a Subscription Agreement with board member Dr. Thomas Wood on August 30, 2024, issuing 1 million shares of Series X Preferred Stock for $1,000. This issuance is connected to a planned stockholder vote to increase authorized common shares from 300 million to 600 million.The Series X Preferred Stock carries 1,000 votes per share and will vote exclusively on the authorized share increase proposal, with votes automatically allocated in proportion to other stockholders' votes. The shares have no conversion rights, distribution rights, or dividend entitlements, and will be redeemed at the original purchase price after the stockholder vote or at the Board's discretion.The company also amended its bylaws on August 28, 2024, reducing the required stockholder meeting quorum from a majority to one-third of voting power, aiming to minimize meeting adjournments and associated costs.
