TechFlow news — On December 13, according to PR Newswire, Nasdaq-listed Bitcoin mining company CleanSpark, Inc. announced plans to offer, subject to market conditions and other factors, $550 million in aggregate principal amount of senior convertible notes due 2030 to initial purchasers.
CleanSpark also expects to grant the initial purchasers of the convertible notes an option to purchase up to an additional $100 million in aggregate principal amount of convertible notes within 13 days from the initial issuance date.
The company intends to use the net proceeds from the offering to fund the cost of capped call transactions, repurchase up to $125 million of its common stock from investors in the convertible notes, and use the remaining net proceeds to fully repay outstanding amounts under its credit facility with Coinbase, as well as for capital expenditures, acquisitions, and general corporate purposes.
