Why CleanSpark Stock Fell 22% Today

1 min read

Shares of CleanSpark (NASDAQ: CLSK) crashed hard on Tuesday. The Utah-based energy-management and cryptocurrency-mining company is converting some of its massive stock gains since November into cash, diluting the value of existing shares. The stock was trading 21.8% lower at 11 a.m. EDT today.

In a flurry of regulatory filings on Monday night, CleanSpark said that it will sell 9.09 million additional shares on the public market, on or about March 18. The new shares were priced at $22, which works out to a $200 million cash infusion. The company will use the cash to expand its infrastructure, purchase more cryptocurrency mining machines, and for other general corporate purposes.

Image source: Getty Images.

Continue reading

Leave a Reply

Your email address will not be published.

Previous Story

Why Micron Stock Just Popped

Next Story

Why Fuel Cell Energy, Plug Power, and Bloom Energy Stocks Dropped Tuesday

Latest from Blog