Riot Platforms, Inc. (NASDAQ: RIOT) has announced its intention to offer $500 million aggregate principal amount of its convertible senior notes due 2030 in a private offering. The company also expects to grant the initial purchasers of the notes an option to purchase up to an additional $75 million aggregate principal amount of the notes.
The notes will be unsecured, senior obligations of Riot and will mature on January 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms. The notes will be convertible into cash, shares of Riot’s common stock, or a combination of cash and shares of Riot’s common stock, at Riot’s election. The initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering.
Riot intends to use the net proceeds from this offering to acquire additional bitcoin and for general corporate purposes.
About Riot Platforms, Inc. Riot’s vision is to be the world’s leading bitcoin-driven infrastructure platform. The company's mission is to positively impact the sectors, networks, and communities it touches. Riot is a bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The company has bitcoin mining operations in central Texas and Kentucky, as well as electrical switchgear engineering and fabrication operations in Denver, Colorado. Following these announcements, the company's shares moved -13.4%, and are now trading at a price of $11.21. Check out the company's full 8-K submission here.
