CleanSpark closes $650M zero-coupon convertible note offering; repurchases $145M of stock

CLEANSPARK, INC.

$650M aggregate principal of 0.00% Convertible Senior Notes due 2030, including $100M greenshoe exercised.
Net proceeds ~$633.6M; used $90.4M for capped calls, $145M to buy back 11.76M shares, and to repay $50M Coinbase line.
Initial conversion price ~$14.80 per share; cap price of capped calls $24.66 (100% premium over $12.33 Dec 12 close).
CEO says growth to 50 EH/s fully funded; no immediate plans for another equity offering.
Company expects no net dilution if conversions settled in cash and shares, until stock exceeds $33.67.

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