Summary by Moomoo AI
Riot Platforms announced the pricing of its upsized private offering of $525 million 0.75% convertible senior notes due 2030, increased from the initially announced $500 million. The notes, convertible into cash, shares, or a combination, will be sold to qualified institutional buyers under Rule 144A. Initial purchasers have a 3-day option to buy up to an additional $75 million in notes.The notes will bear 0.75% annual interest, payable semiannually, and mature on January 15, 2030. The initial conversion rate is 67.2767 shares per $1,000 principal, equivalent to $14.86 per share, a 32.5% premium over the stock's weighted average price. Riot expects net proceeds of about $511.5 million, or $584.6 million if the additional purchase option is fully exercised.The offering is expected to close on December 11, 2024, subject to customary conditions. Riot plans to use the proceeds to acquire additional bitcoin and for general corporate purposes. The notes and related shares will not be registered under the Securities Act and may not be offered or sold in the U.S. without registration or an applicable exemption.
