Riot Platforms plans $500 million convertible notes offering

Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT ), a cryptocurrency mining company, experienced a 5.8% stock price decline today following its announcement of a private offering of $500 million in convertible senior notes due in 2030. The offering, aimed at qualified institutional buyers, also includes an option for purchasers to acquire an additional $75 million of the notes within a three-day window starting from the issue date.

The notes, which are unsecured senior obligations of Riot, will mature on January 15, 2030, with the possibility of earlier repurchase, redemption, or conversion according to their terms. Riot retains the right to redeem the notes for cash in whole or in part after January 20, 2028, provided certain conditions are met, including a minimum of $50 million in aggregate principal amount of notes remaining outstanding and not subject to redemption.

Conversion of the notes into cash, Riot's common stock, or a combination thereof, lies at the discretion of the company. However, conversions are restricted to specific events and time periods before June 15, 2029, and then will be available at any time up until the second trading day before the maturity date. The initial conversion rate and other terms will be set at the time of the offering's pricing.

Proceeds from this offering are intended for the acquisition of additional bitcoin and general corporate purposes. The offering and sale of the notes, as well as the Riot common stock potentially issued upon conversion, will not be registered under the Securities Act of 1933 or any state securities laws. As such, these securities may not be offered or sold in the United States absent registration or an exemption from registration requirements. This offering is to be made exclusively through a private offering memorandum to those believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act.

This news is based on a press release statement and reflects the company's current plans for capital raising through a private offering of convertible notes.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com

Publicații recente
Oklo target nearly doubled at Wedbush on AI-driven demand for nuclear energy
24.01.2025 - 18:00
Crypto markets lose steam after Trump's first policy move
24.01.2025 - 18:00
Combination of Google's TPU-DeepMind units may be worth $700 bn - DA Davidson
24.01.2025 - 18:00
British American Tobacco, Altria shares rise after menthol ban proposal dropped
24.01.2025 - 18:00
Morocco stocks higher at close of trade; Moroccan All Shares up 0.34%
24.01.2025 - 18:00
Commerzbank says no talks with UniCredit until specific proposal made
24.01.2025 - 18:00
Venture Global aims for $64 billion valuation at debut in test for energy IPOs
24.01.2025 - 18:00
Intuitive Machines stock surges on NASA contract award
24.01.2025 - 18:00
International Paper's $7.2 billion acquisition of DS Smith gets EU approval
24.01.2025 - 18:00
Short-term stock optimism soars among retail investors, AAII survey shows
24.01.2025 - 18:00
Venture Global shares likely to open up to 6% above IPO price
24.01.2025 - 18:00
Intuitive Surgical, American Express Stir Friday's Market Cap Stock Movers
24.01.2025 - 18:00
BMW joins Chinese EV makers in filing EU court challenge to tariffs
24.01.2025 - 18:00
Turkey stocks lower at close of trade; BIST 100 down 0.08%
24.01.2025 - 18:00
Diageo stock jumps on possible Guinness sale
24.01.2025 - 18:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?