Summary by Moomoo AI
Iris Energy Limited (IREN), a leading owner and operator of renewable energy-powered data centers for Bitcoin mining, has updated its prospectus supplement to reflect an increase in its aggregate offering price from $300,000,000 to $500,000,000. The company, which is listed on the Nasdaq Global Select Market under the symbol 'IREN', entered into an At Market Issuance Sales Agreement with B. Riley Securities, Inc. on September 13, 2023. The updated prospectus supplement, dated March 21, 2024, supersedes the previous filing and accounts for the additional $200,000,000 in potential offerings. As of March 15, 2024, Iris Energy has sold $261,471,363 worth of ordinary shares under this agreement. The sales are made through 'at the market offerings' as defined by the Securities Act of 1933. The sales agents, which now include Canaccord Genuity, Cantor, Citigroup, Compass Point, and Macquarie Capital, are entitled to a commission rate of up to 3.0% of the gross sales price. The ordinary shares are sold at varying prices, and the proceeds are intended for funding growth initiatives, hardware purchases, data center site development, working capital, and general corporate purposes.