US Stock Market Move | Proposed issuance of $1 billion convertible bonds, CleanSpark (CLS- US) fell over 8%

On Tuesday, CleanSpark (CLSK.US) opened down over 8%, retracting more than 36% from its October high point, now trading at $13.84. On the news front, the company is planning to raise $1 billion by issuing convertible bonds to support the continued expansion of its business. According to a statement released by the company on Monday, the Las Vegas-based firm plans to issue zero-coupon convertible bonds that will mature in 2032. CleanSpark will use up to $400 million of the funds raised for stock buybacks, with the remaining funds going towards expanding its portfolio of power and land assets, constructing data center infrastructure, and debt repayment.