CleanSpark Shares Fall After Disclosing $1B Convertible Notes Offering
By Freddy SebastianShares of CleanSpark fell after the company disclosed a $1 billion convertible notes offering.Its stock recently dropped 6.3% to $14.09 in after-hours trading on Monday.The bitcoin miner said it plans to grant the initial purchases of the convertible notes due 2032 an option to purchase up to an additional $200 million of its notes.CleanSpark said it plans to use up to $400 million of the proceeds generated to repurchase shares from investors in the convertible notes. It also plans to use proceeds to expand its portfolio, develop data center insfrastructure and repay outstanding bitcoin-backed line of credit balances along with other general corporate purposes.The notes will mature on Feb. 15, 2032.Write to Freddy Sebastian at [email protected]