Wall Street Bitcoin miner Hut 8 Corp. has revealed key
capital market updates. The company has launched an “at-the-market” (ATM)
equity offering program, a stock repurchase program, and filed a shelf
registration statement with the SEC.
Hut 8 Introduces Stock Repurchase Program
The ATM program allows Hut 8 to issue shares of its common
stock worth up to $500 million through sales on the Nasdaq Global Select Market
or other approved methods.
Proceeds will fund growth initiatives, such as
acquiring energy assets, developing infrastructure, and purchasing Bitcoin.
Funds may also cover general expenses, debt repayment, and other investments.
Hut 8’s $250 million stock repurchase program enables the
buyback of up to 4.68 million shares, or 5% of the outstanding stock, over the
next year. Repurchases will occur via Nasdaq at market prices.
“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.
SEC Registration Filed for Compliance
The company secured Coatue Tactical Solutions’ consent for
the stock repurchase plan, as required under their convertible note agreement.
Coatue waived its right to register the common stock linked to its note.
Hut 8 has filed a Form S-3ASR registration statement with
the SEC, enabling sales under the ATM program and ensuring compliance with
securities laws in the United States and Canada.
Both programs depend on market conditions, stock prices, and
liquidity. Hut 8 retains flexibility to adjust or suspend these initiatives
without notice.
This article was written by Tareq Sikder at www.financemagnates.com.
