Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 24

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 1
Chunk 24
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 Loans payable, net of current portion, debt discount and debt issuance costs

        $
        641,433

        $
        7,176

        ($ in thousands)
         
        5-Year Loan MaturitiesFiscal Year

        Outstanding Loan
         
        2025 (Remainder)

        2026

        2027

        2028

        2029

        Thereafter

        Total

        Total principal amount of loan payments by fiscal year
         
        $
        6,754

        $
        1,862

        $
        1,408

        $
        1,299

        $
        3,415

        $
        650,228

        $
        664,966

        Unamortized deferred financing costs and discounts

        (16,318
        )

        Total loan book value as of December 31, 2024

        $
        648,648

      2030 Convertible NoteIn December 2024, we issued $650,000 aggregate principal amount of 0% convertible senior notes due 2030 (the “2030 Notes”), including the exercise in full by the initial purchasers of the 2030 Notes of their option to purchase up to an additional $100,000 principal amount of the 2030 Notes. The 2030 Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2030 Notes will mature on June 15, 2030. The net proceeds from the sales of the 2030 Notes were approximately $633,688 after deducting $16,312 of offering and issuance costs related to the 2030 Notes and before the capped call transactions, as described below. The Company used $145,000 of the proceeds to repurchase its common stock, see Note 11 – Stockholders’ Equity. The fair value of the 2030 Notes was determined to be $538,464 as of December 31, 2024 based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.

F-21

Holders of the 2030 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2029 only under the following circumstances: (i) during any calendar quarter comm