Summary by Moomoo AI
On December 2, 2024, Marathon Digital announced the pricing of an upsized private offering of $850 million in 0.00% convertible senior notes due 2031. The offering is expected to close on December 4, 2024, subject to customary conditions. Net proceeds are estimated at $835.1 million, potentially rising to $982.5 million if additional notes are purchased.The company plans to use approximately $48 million of the proceeds to repurchase $51 million of existing convertible notes due 2026. Remaining funds will be allocated to acquiring additional bitcoin and for general corporate purposes, including working capital and strategic acquisitions. The notes will be convertible into cash, shares, or a combination thereof, with an initial conversion price set at a 40% premium over the recent stock price.
