Business
Hut 8 Announces New ATM and Stock Repurchase Programs
MIAMI, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale
About this update from Hut 8 Corp.
[{"type":"text","content":"MIAMI, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced three capital markets updates: The Company has entered into a Controlled Equity Offering Sales AgreementSM with the sales agents named therein (the “Sales Agreement”) pursuant to which it may offer and sell, under the Prospectus Supplement (as defined below), shares of its common stock, par value $0.01 per share (the “Common Stock”), having an aggregate offering price of up to $500.0 million from time to time pursuant to an “at-the-market” program (the “ATM Program”).The Company launched a $250.0 million stock repurchase program with respect to the Common Stock (the “Stock Repurchase Program”).Under the terms of the Company’s Convertible Note Purchase Agreement with Coatue Tactical Solutions Lending Holdings AIV 3 LP (“Coatue”), Coatue has consented to the launch of the Stock Repurchase Program and elected not to require the registration of the Common Stock underlying their convertible note in connection with Hut 8’s filing today of a shelf registration statement on Form S-3ASR (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”). “The launch of the ATM Program and Stock Repurchase Program have equipped the business with two powerful tools that we believe bolster our ability to navigate the volatile markets in which we operate,” said Asher Genoot, CEO of Hut 8. “These tools support a robust, integrated capital strategy, reinforcing our proactive approach to treasury management.” “We believe the three capital market updates announced today send a clear message to shareholders: our key investors continue to believe in us, and the flexibility provided by the ATM Program and Stock Repurchase Program strengthens our ability to pursue ambitious growth objectives with confidence while maintaining a relentless focus on driving sustainable shareholder returns.” The Company intends to use the net proceeds from any sales of Common Stock under the ATM Program for growth initiatives, including the acquisition or development of power and digital infrastructure assets such as data centers, as well as the purchase of Bitcoin as a strategic reserve asset. Net proceeds m...