#United States #Chicago #Convertible Notes #CleanSpark #Katten

Katten Advisors Boost CleanSpark's Capital Strategy

On December 23, 2024, Katten, a prominent law firm, announced its advisory role in CleanSpark Inc.'s successful offering of $650 million in convertible senior notes. This strategic move marks a significant milestone for CleanSpark, a leading player in the Bitcoin mining industry, as it navigates the evolving landscape of cryptocurrency financing. The transaction was spearheaded by Mark Wood, Partner, and Co-Chair of the Capital Markets practice, highlighting Katten's robust presence in the growing sector of digital currencies.

The issuance involved the sale of 0.00% convertible senior notes due in 2030, which were primarily directed at qualified institutional buyers as per Rule 144A under the Securities Act of 1933. The notes were successfully priced and closed on December 17, 2024, leading to a substantial influx of capital for CleanSpark.

In tandem with this capital raise, CleanSpark executed capped call transactions with various counterparties and undertook the repurchase of approximately $145 million of its common stock, reflecting a comprehensive approach to capital management and shareholder value maximization. ICR Capital LLC acted as the financial advisor in this notably influential offering, reinforcing CleanSpark's financial foundation.

Expressing pride in the collaboration with CleanSpark, Mark Wood stated, "We congratulate CleanSpark on the completion of its inaugural 144A convertible notes offering. Our partnership has been a privilege, contributing to CleanSpark's expansion in the Bitcoin sector."

CleanSpark was founded on the premise of harnessing sustainable energy for Bitcoin mining and has positioned itself as a market leader in this domain. Its expansive portfolio of mining facilities across the United States complements its strategic vision of promoting environmental sustainability within the high-energy consumption of cryptocurrency mining.

Katten's proficiency in the cryptocurrency and blockchain arenas is pivotal. The law firm's experienced team regularly counsels businesses in navigating the complex regulatory environment associated with digital currencies. Their comprehensive knowledge allows for sophisticated legal solutions tailored to companies fostering innovation in the blockchain industry.

This advisory team also included notable partners and associates from various specialties within Katten, showcasing the firm's dedication to delivering high-value legal services. Elizabeth McNichol, Timothy Kirby, Maximillian Licona, and Michael Tremeski, alongside Krassi Zourkova, Eli Krasnow, Todd Hatcher, and Jeffrey Ng, all played critical roles in structuring this complex financing deal.

Established as a full-service law firm with approximately 700 attorneys across multiple locations, Katten continues to be a beacon for clients seeking sophisticated and high-stake legal guidance. Their core practices extend beyond cryptocurrency, encompassing diverse sectors, including corporate law, financial markets, restructuring, and intellectual property rights.

In conclusion, this notable transaction not only illustrates CleanSpark's robust growth strategy but also exemplifies the critical role legal advisories like Katten play in the nuanced world of cryptocurrency finance. As the digital currency market matures, CleanSpark's success shines a light on the positive impacts of strategic partnerships and innovative financing methods.

For additional information about Katten and its legal services, visit katten.com.