CleanSpark prices $550M zero-coupon convertible notes due 2030; conversion premium 20%

CLEANSPARK, INC.

$550M 0.00% convertible senior notes due 2030, initial conversion price ~$14.80 per share (20% premium).
Entered capped call transactions with cap price $24.66 (100% premium) to reduce potential dilution.
Company agreed to repurchase ~$145M of its common stock from note investors at $12.33/share.
Net proceeds ~$535.9M ($633.6M if upsize exercised); use includes repaying Coinbase line, capex, acquisitions.
Offering expected to close Dec 17, 2024; initial purchasers have 13-day option for additional $100M in notes.

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