Loan & DebtMay 21, 2026, 05:22 PM
SharonAI Closes $350M Convertible Senior Notes Offering
AI Summary
SharonAI Holdings Inc. announced the closing of its private offering of $350 million aggregate principal amount of 6.00% Convertible Senior Notes due 2031. The offering, led by Oaktree Capital Management, L.P., will fund GPU and network procurement and provide working capital for AI cloud deployments. These funds are intended to support a previously announced $950 million cloud computing infrastructure agreement, with revenue expected to commence by the end of the third and fourth quarters of 2026.
Key Highlights
- Closed private offering of $350 million 6.00% Convertible Senior Notes due 2031.
- Notes mature on May 1, 2031, with interest payable quarterly.
- Initial conversion rate is 20.7292 shares per $1,000 principal, equivalent to $48.24 per share.
- Conversion price represents a 20% premium above the Nasdaq Minimum Price.
- Maximum of 8,706,250 shares (or 11,292,009 with accrued interest) may be issued upon conversion.
- Proceeds will fund GPU and network procurement and working capital for AI cloud deployments.
- Financing led by Oaktree Capital Management, L.P., with Two Seas Capital LP participating.
- Funds support a previously announced $950 million cloud computing infrastructure agreement.
Price Impact
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