Summary by Moomoo AI
Riot Platforms completed a private offering of $525M in 0.75% convertible senior notes due 2030 on December 11, 2024. The net proceeds of approximately $511.5M will be used to fund Bitcoin acquisition and general corporate purposes.The notes are convertible into Riot's common stock at an initial rate of 67.2767 shares per $1,000 principal amount, equivalent to $14.86 per share. This represents a 32.5% premium above the stock's weighted average price on December 9, 2024. The notes mature on January 15, 2030, with interest payable semiannually at 0.75% per year.Riot may redeem the notes after January 20, 2028, under certain stock price conditions. Holders can require Riot to repurchase the notes upon a "fundamental change." The offering was conducted under Rule 144A, with notes resold only to qualified institutional buyers.
