CleanSpark, Inc. Announces Proposed Private Offering of $1 Billion of Convertible Notes
CleanSpark (Nasdaq: CLSK) intends to privately offer $1.0 billion aggregate principal amount of convertible senior notes due Feb 15, 2032, with an initial purchasers' option for an additional $200 million. The company expects to use up to $400 million of net proceeds to repurchase common stock and the remainder for power and land portfolio expansion, data center development, repayment of bitcoin-backed line of credit balances and general corporate purposes. The offering is subject to market conditions and may not be completed.
CleanSpark (Nasdaq: CLSK) intende offrire privatamente un importo principale aggregato di 1,0 miliardo di dollari di note seniores convertibili con scadenza il 15 febbraio 2032, con l'opzione iniziale per gli acquirenti per un aggiuntivo 200 milioni di dollari. L'azienda prevede di utilizzare fino a 400 milioni di dollari di proventi netti per riacquistare azioni ordinarie e il resto per l'espansione del portafoglio energia e terreni, lo sviluppo di data center, il rimborso dei saldi della linea di credito garantita da bitcoin e scopi generali dell'azienda. L'offerta è soggetta alle condizioni di mercato e potrebbe non essere completata.
CleanSpark (Nasdaq: CLSK) tiene la intención de ofertar de forma privada un monto principal agregado de 1.0 mil millones de dólares en notas senior convertibles con vencimiento el 15 de febrero de 2032, con una opción para los compradores iniciales de 200 millones de dólares adicionales. La compañía espera utilizar hasta 400 millones de dólares de ingresos netos para recomprar acciones ordinarias y el resto para la expansión de la cartera de energía y tierras, el desarrollo de centros de datos, el pago de saldos de la línea de crédito respaldada por Bitcoin y fines corporativos generales. La oferta está sujeta a condiciones de mercado y puede no realizarse.
CleanSpark (Nasdaq: CLSK)은 2032년 2월 15일에 만기되는 전환우선주형 채권의 총 원금 규모를 비공개로 10억 달러 제공하려 하고, 최초 매입자 옵션으로 추가 2억 달러를 허용합니다. 회사는 순수익 중 최대 4억 달러를 보통주 재매입에 사용하고 나머지는 전력 및 토지 포트폴리오 확장, 데이터 센터 개발, 비트코인 담보 대출 한도 잔액의 상환 및 일반적인 기업 용도에 사용할 것으로 예상합니다. 본 제공은 시장 상황에 좌우되며 완료되지 않을 수 있습니다.
CleanSpark (Nasdaq : CLSK) envisage d'offrir de manière privée un montant nominal agrégé de 1,0 milliard de dollars de notes seniors convertibles arrivant à échéance le 15 février 2032, avec une option d’achat initiale pour un montant additionnel de 200 millions de dollars. L'entreprise prévoit d'utiliser jusqu'à 400 millions de dollars de produits nets pour racheter des actions ordinaires et le reste pour l'expansion du portefeuille énergie et terres, le développement des centres de données, le remboursement des soldes de la ligne de crédit garantie par Bitcoin et des objectifs généraux de l'entreprise. L'offre est soumise aux conditions du marché et peut ne pas être réalisée.
CleanSpark (Nasdaq: CLSK) beabsichtigt, privat eine Gesamt-Nennsumme von 1,0Milliarde US-Dollar an wandelbaren Senior Notes mit Fälligkeit am 15. Februar 2032 auszugeben, mit einer Option der Erstkäufer auf zusätzlich 200 Millionen US-Dollar. Das Unternehmen plant, bis zu 400 Millionen US-Dollar der Nettoprozente für den Rückkauf eigener Aktien zu verwenden, der Rest dient der Erweiterung des Energie- und Landportfolios, der Entwicklung von Rechenzentren, der Tilgung von Salden der durch Bitcoin gedeckten Kreditlinie und allgemeinen Unternehmenszwecken. Das Angebot hängt von den Marktbedingungen ab und könnte nicht abgeschlossen werden.
CleanSpark (ناسداك: CLSK) تنوي تقديم بشكل خاص مبلغاً إجمالياً قدره 1.0 مليار دولار من سندات كبار قابلة للتحويل تستحق في 15 فبراير 2032، مع خيار للمشترين الأوائل لمبلغ إضافي قدره 200 مليون دولار. تتوقع الشركة أن تستخدم حتى 400 مليون دولار من صافي العوائد لإعادة شراء الأسهم العادية، والباقي لتوسيع محفظة الطاقة والأراضي، وتطوير مراكز البيانات، وسداد أرصدة خط ائتمان مدعوم بالبيتكوين، ولأغراض مؤسسية عامة. العرض يخضع لظروف السوق وقد لا يكتمل.
- $400M allocation available for share repurchases
- Proceeds targeted for power and land portfolio expansion
- Proceeds targeted for data center infrastructure development
- Repayment of outstanding bitcoin-backed line of credit balances
- $1.0B of convertible notes could create future dilution
- Offering is private and completion is subject to market conditions
- Notes are senior unsecured obligations maturing on Feb 15, 2032
Insights
CleanSpark proposes a sizable $1B convertible note offering with concurrent share repurchases and capex/debt uses.
The company intends to offer
The structure is capital‑raising plus partial buyback financing; key dependencies include final pricing, conversion rate, exercise of the additional
CleanSpark also expects to grant the initial purchasers of the Convertible Notes an option to purchase, within a 13-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional
The Company intends to use up to
The Convertible Notes will be senior unsecured obligations of the Company. The Convertible Notes will not bear regular interest, and the principal amount of the Convertible Notes will not accrete. The Convertible Notes will mature on February 15, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to August 15, 2031, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
The Convertible Notes will be convertible into cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company's election. The initial conversion rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes.
The Company expects the repurchase of shares of its common stock from certain of the investors in the Convertible Notes described above to occur in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the Company expects the purchase price per share of the common stock repurchased in such transactions to equal the closing price per share of the common stock on the date the offering of the Convertible Notes is priced.
The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act or securities laws of any other jurisdiction, and the Convertible Notes and such shares of common stock may not be offered or sold in
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Convertible Notes, nor shall there be any sale of the Convertible Notes or common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CleanSpark
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading data center developer with a proven track record of success. We own a portfolio of more than 1.3 GW of power, land, and data centers across
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the proposed terms of the Convertible Notes and the proposed share repurchases, the completion, timing and size of the proposed offering of the Convertible Notes and the anticipated uses of proceeds from the proposed offering (including the proposed share repurchases). All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as "plan," "believe," "goal," "target," "aim," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would," "will" and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of CleanSpark's management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others, the risk that the Company may not be able to consummate the Convertible Notes transaction or the share repurchase on satisfactory conditions or at all, and other risks described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including under the heading "Risk Factors" in those filings, and other risks it may identify from time to time. Forward-looking statements contained herein are made only as to the date hereof, and the Company assumes no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as expressly required by applicable law.
Investors:
Harry Sudock
702-989-7693
ir@cleanspark.com
Media:
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.
FAQ
What is the size and tenor of CleanSpark's proposed convertible notes (CLSK)?
How will CleanSpark (CLSK) use the proceeds from the $1.0B offering?
Will CleanSpark's (CLSK) convertible notes pay regular interest?
When can CleanSpark's (CLSK) convertible notes be converted into stock?
Who can buy CleanSpark's (CLSK) convertible notes in the offering?
Is the CleanSpark (CLSK) offering guaranteed to close?
