Hut 8 Corp. (NASDAQ:HUT) stock is moving higher on Wednesday after the company launched an at-the-market (ATM) program and a $250 million share repurchase program.
What To Know: The ATM program enables the company to sell up to $500 million in common stock over time through a sales agreement with selected agents.
The company plans to use the proceeds for growth initiatives, including acquiring or developing power and digital infrastructure assets as well as purchasing Bitcoin as a strategic reserve. Proceeds may also be allocated to capital expenditures, working capital, debt repayment and other corporate purposes.
In addition, the $250 million share repurchase program authorizes the company to repurchase up to 4,683,936 shares or 5% of outstanding common stock.
“The launch of the ATM Program and Stock Repurchase Program have equipped the business with two powerful tools that we believe bolster our ability to navigate the volatile markets in which we operate,” said Asher Genoot, CEO of Hut 8.
“These tools support a robust, integrated capital strategy, reinforcing our proactive approach to treasury management.”
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HUT Price Action: At the time of writing Hut 8 stock is trading 2.71% higher at $25.74, according to data from Benzinga Pro.
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