Bitcoin miner CleanSpark down after pricing $550 mln convertible offering
13/12/2024 12:35
** Shares of CleanSpark CLSK.O down 3% to $11.96 before the
bell as bitcoin miner secures capital raise
** Las Vegas-based firm announces pricing private offering of
$550 mln 0% convertible bonds (CBs) due Jun 2030
** Initial conversion price of $14.80 represents 20% premium
to stock's last close
** Co plans to use ~$76.5 mln of net proceeds to pay for
capped calls, and up to $145 mln to repurchase its common stock
from CBs purchasers
** Remaining proceeds to be used to fully repay amounts
outstanding under its line of credit with crypto exchange
Coinbase COIN.O , co says
** CLSK has $3.6 bln market cap, per LSEG data
** Through Thurs, its shares have gained 17% since the Nov 5
election, as
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))