CleanSpark prices $40M public offering at $9 a share

CleanSpark Inc (NASDAQ:CLSK) has priced its previously announced public offering at $9 a share. The gross proceeds from the financing are expected to be around $40 million and the cash will be used for working capital, the growth of the company's sales and marketing team, along with product development, including software enhancements and improvements, the company said in a statement. READ: CleanSpark jumps into EV charging station space with new subsidiary GridFabric The firm will issue more than 4.4 million shares in the offering, which is expected to close on October 9. H.C. Wainwright & Co. is acting as the sole book-running manager. The firm provides software for microgrid and distributed energy resource management systems and strategy and design services. It allows microgrids to be scaled to users' specific needs and the technology can be deployed in the commercial, industrial, military, and agricultural sectors. Yesterday, the company said it was entering the electric vehicle (EV) charging station space following its recent acquisition of GridFabric LLC. GridFabric is an OpenADR (automatic demand response) communications compliance and certification company, and CleanSpark is planning to utilize that technology to provide software for EV charging stations to assist with electrical load management. CleanSpark shares closed Tuesday at $12.48 each, up 2.3% on the day. Contact the author at giles@proactiveinvestors.com