Company: CLSKW
Filing Date: 2025-11-13
Form Type: 8-K
Source: 0001193125-25-280105
Chunk: 0

Company: CLEANSPARK, INC.
Filing Date: 2025-11-13
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01 Entry into a Material Definitive Agreement.

Convertible Notes Offering

On November 13, 2025, CleanSpark, Inc. (the “ Company”) completed its previously announced private offering of 0.00% Convertible Senior Notes due 2032 (“notes”). The notes were sold under a purchase agreement, dated as of November 10, 2025, entered into by and between the Company and Cantor Fitzgerald & Co., as representative of the several initial purchasers named therein (the “ Initial Purchasers”), to the Initial Purchasers for resale to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “ Securities Act”). The aggregate principal amount of notes sold in the offering was $1,150,000,000. The notes are senior unsecured obligations of the Company and are not guaranteed by any of the Company's subsidiaries.

The notes were issued at a price equal to 100% of their principal amount. The net proceeds to the Company from the sale of the notes were approximately $1.13 billion, after deducting the Initial Purchasers’ discounts and estimated expenses payable by the Company.

The Company has used approximately $460.0 million to repurchase shares of its common stock from investors in the notes and intends to use the remaining net proceeds for the expansion of the Company’s power and land portfolio, the development of data center infrastructure, the repayment of outstanding bitcoin-backed line of credit balances and general corporate purposes.

Indenture and the Notes

On November 13, 2025, the Company entered into an indenture (the “ Indenture”) with respect to the notes with U. S. Bank Trust Company, National Association, as trustee (the “ Trustee”). The notes will not bear regular interest, and the principal amount of the notes will not accrete. The Company may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the Indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on February 15, 2032, unless earlier converted, redeemed or repurchased in accordance with their terms.

The notes are convertible into