SALT LAKE CITY, Oct. 9, 2020 /PRNewswire/ -- CleanSpark, Inc.
(Nasdaq: CLSK), a diversified software and services company, today
announced the closing of its previously announced underwritten
public offering of 4,444,445 shares of common stock at a public
offering price of $9.00 per share for
aggregate gross proceeds of approximately $40.0 million.
CleanSpark Announces $40M
Underwritten Public Offering
H.C. Wainwright & Co. acted as the sole book-running manager
for the offering.
CleanSpark intends to use the net proceeds from the offering for
working capital requirements, the growth of CleanSpark's sales and
marketing team, product development including software enhancements
and improvements, and general corporate purposes and strategic
mergers and acquisitions, although CleanSpark has no present
commitments or agreements to enter into any such mergers or
acquisitions.
A shelf registration statement on Form S-3 (File No. 333-248975)
relating to the securities was filed with the U.S. Securities and
Exchange Commission on September 23,
2020, and was declared effective on October 2, 2020. The offering is being made
only by means of a prospectus supplement and accompanying
prospectus. A final prospectus supplement and accompanying
prospectus related to the offering have been filed with the
SEC and are available on the SEC's website located at
http://www.sec.gov and may also be obtained from H.C.
Wainwright & Co., LLC, 430 Park Avenue, New York,
NY 10022, by email at placements@hcwco.com or by
phone at (646) 975-6996.
Procopio, Cory, Hargreaves & Savitch LLP served as legal
counsel to CleanSpark and Ellenoff Grossman & Schole LLP served
as legal counsel to H.C. Wainwright & Co. in connection with
the offering.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About CleanSpark:
CleanSpark offers software and intelligent controls for
microgrid and distributed energy resource management systems and
innovative strategy and design services. The Company provides
advanced energy software and control technology that allows energy
users to obtain resiliency and economic optimization. Our software
is uniquely capable of enabling a microgrid to be scaled to the
user's specific needs and can be widely implemented across
commercial, industrial, military, agricultural and municipal
deployment. Our product and services consist of intelligent energy
controls, microgrid modeling software, and innovation consulting
services in design, technology, and business process methodologies
to help transform and grow businesses.
Forward-Looking Statements:
CleanSpark cautions you that statements in this press release
that are not a description of historical facts are forward-looking
statements. These statements are based on CleanSpark's current
beliefs and expectations. The inclusion of forward-looking
statements should not be regarded as a representation by CleanSpark
that any of our plans will be achieved. Actual results may differ
from those set forth in this press release as a result of various
important factors, including, without limitation: higher than
expected offering expenses, market and other conditions, the
Company's intended use of proceeds, and other risks described in
our prior press releases and in our filings with the Securities and
Exchange Commission (SEC), including under the heading "Risk
Factors" in our Annual Report on Form 10-K and any subsequent
filings with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof, and we undertake no obligation to revise or update
this press release to reflect events or circumstances after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.