Marathon Digital Announces Private Exchange of Approximately $417 Million of Notes Due 2026 for Common Stock

Odaily News Bitcoin mining company Marathon Digital announced that it has entered into a privately negotiated exchange agreement with certain holders of 1.00% convertible senior notes due 2026, bringing the aggregate principal amount held by these holders to approximately US$417 million. The notes will be exchanged for a total of approximately 26.2 million newly issued shares of Marathon common stock, and no cash proceeds will be received from the issuance of common shares. The final number of shares to be issued will be determined within days. Marathon will also pay accrued and unpaid interest on the exchange notes to investors in cash. Upon completion of the exchange, approximately $331 million in aggregate principal amount of the notes remains outstanding. In some cases, the entire transaction may be cancelled. (Globe Newswire)