Summary by Moomoo AI
CleanSpark has successfully completed a $650 million offering of 0.00% Convertible Senior Notes due 2030, including the full exercise of a $100 million option by initial purchasers. The notes were sold to qualified institutional buyers under Rule 144A, with an initial conversion rate of 67.5858 shares per $1,000 principal amount at approximately $14.80 per share.The company implemented strategic measures to manage dilution, including capped call transactions with a cap price of $24.66 per share and a $145 million share repurchase of 11.76 million shares. The net proceeds of $633.6 million will fund growth to 50 EH/s, repay the $50 million Coinbase credit line, and support capital expenditures and potential acquisitions.The convertible notes, maturing on June 15, 2030, are senior unsecured obligations with no regular interest payments. The company maintains conversion flexibility, allowing settlement in cash, shares, or a combination thereof. Conversion rights activate upon specific events before December 15, 2029, after which holders may convert at any time until maturity.
