HIVE raised US$130 million through 0% exchangeable senior notes due 2031, generating about US$124.5 million net proceeds and boosting quarterly issuance to US$245 million for AI expansion. Director Dave Perrill sold 175,000 shares for about US$821,000 on June 19 after a 109% surge and 15% decline, exiting direct holdings and sparking investor concern.
HIVE closed a private offering of US$130 million of 0% exchangeable senior notes due July 1, 2031, including the full exercise of a US$15 million option. The notes carry an initial exchange rate of 206.9429 shares per US$1,000 (approximately US$4.83 per share) and capped calls at US$8.5275 to limit dilution.
After commissions and expenses, the issuer expects to net about US$124.5 million, which will be used to fund subsidiaries for general corporate purposes, GPU purchases and data center development in support of AI and high-performance computing services. HIVE will also allocate roughly US$15.7 million from cash on hand to capped call transactions.
On June 19, director Dave Perrill sold his 175,000 common shares for approximately US$821,000, exiting his direct holdings while retaining over 600,000 restricted share units. His sale follows a 109% stock gain over 12 months and a recent 15% price drop, raising questions about insider sentiment.
