CleanSpark (NASDAQ:CLSK) has seen some major volatility today. Today, shares of CLSK stock are down nearly 25% at the time of writing as investors digest what this company’s true value could be right now.
CleanSpark is what appears to be a Swiss-Army Knife of a company, with operations spanning a number of distinct sectors. Of late, investors have been keenly attentive to the company’s Bitcoin (CCC:BTC) mining operations. Indeed, given the hype we’ve seen in crypto of late, CleanSpark appears to be an interesting option right now.
For those intrigued by crypto mining plays, and want to know more about what CleanSpark does, we’ve got you covered.
7 Things Investors Should Know About CLSK stock
- CleanSpark is a company focused on providing microgrid software. CleanSpark provides the ability for customers to go off-grid, or away from the traditional grid.
- Recently, the company raised $40 million to make a series of acquisitions.
- Among these acquisitions was an energy storage developer (Solar Watt Solutions), and Bitcoin mining company ATL Data Centers.
- Indeed, this acquisition has added a whole new dimension to CleanSpark. The company’s share price has been on a tear lately, but has sold off today dramatically.
- Notably, today’s drop is tied to a $200 million equity offering at $22 per share (right around where shares are trading now).
- The offering is expected to close later this week. Accordingly, the market has priced in most of this expected move already.
- According to the release: “CleanSpark intends to use the net proceeds from the offering for working capital and general corporate purposes, including infrastructure expansion, the acquisition of additional cryptocurrency miners and further development of its mVoult product lines, as well as acquisitions or strategic investments in complimentary businesses, products, services or technologies.”
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2021/03/clsk-stock-7-things-to-know-as-cleanspark-plunges-today/.
©2021 InvestorPlace Media, LLC
View more information: https://investorplace.com/2021/03/clsk-stock-7-things-to-know-as-cleanspark-plunges-today/