Planned allocation and use of financing proceeds
Company: CleanSpark
The claim, verbatim
CleanSpark plans to use net proceeds for general corporate purposes and repayment of outstanding debt, with the $5,000,000 financing needed for continued software upgrades, commercialization of products and services, marketing and sales, and working capital
Source (primary)
CleanSpark 424B2 filed 2018-12-31 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “We plan to use the net proceeds received in such sale for general corporate purposes and the repayment of certain outstanding debt... this funding is needed for continued upgrades to our software, expand on further commercialization of our products and services, marketing and sales of both sides of our business operations and for working capital”
How we checked this
Checked on September 23, 2026. The cited source supports part of this claim, but not all of it.
The filing supports the stated use of net proceeds and separately describes a generic $5,000,000 financing need. However, it does not tie that risk-factor funding need to this offering; its Use of Proceeds section names only working capital, general corporate purposes and debt repayment.
Confirmed in the source:
- CleanSpark plans to use the net proceeds of the debenture sale for general corporate purposes and repayment of certain outstanding debt
- A risk factor in the filing says CleanSpark required $5,000,000 in additional financing, needed for software upgrades, commercialization of products and services, marketing and sales, and working capital
We could not confirm this from the cited source:
- That the $5,000,000 financing need described in the risk factor refers to this debenture and warrant offering, or that this offering's proceeds are allocated to software upgrades, commercialization, and marketing and sales
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/827876/000166357719000011/mainbody.htm) in full (186,484 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms CleanSpark 424B2 filed 2018-12-31
Quote: “We plan to use the net proceeds received in such sale for general corporate purposes and the repayment of certain outstanding debt... this funding is needed for continued upgrades to our software, expand on further commercialization of our products and services, marketing and sales of both sides of our business operations and for working capital”