Hut 8 launches $250M stock repurchase program

Hut 8 (HUT) announced three capital markets updates: The Company has entered into a Controlled Equity Offering Sales Agreement with the sales agents named therein pursuant to which it may offer and sell, under the Prospectus Supplement shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $500.0 million from time to time pursuant to an “at-the-market” program. The Company launched a $250.0 million stock repurchase program with respect to the Common Stock. Under the terms of the Company’s Convertible Note Purchase Agreement with Coatue Tactical Solutions Lending Holdings AIV 3, 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 of a shelf registration statement on Form S-3ASR with the Securities and Exchange Commission.