Hut 8 Corp. Enters Material Agreement, New Financial Obligation

TL;DR

**Hut 8 Corp. just took on a new major financial obligation, watch for details.**

AI Summary

Hut 8 Corp. filed an 8-K on January 19, 2024, reporting an "Entry into a Material Definitive Agreement" and the "Creation of a Direct Financial Obligation" on January 12, 2024. This filing indicates that Hut 8 Corp. has entered into a significant new financial commitment, which could impact its balance sheet and future operational flexibility. For investors, this matters because new financial obligations can affect a company's profitability, cash flow, and overall risk profile, potentially influencing stock valuation.

Why It Matters

This filing signals a new financial commitment for Hut 8 Corp., which could impact its debt levels, cash flow, and future growth prospects, directly affecting shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates a new financial obligation without specifying its nature or size, creating uncertainty about its potential impact on the company's financial health.

Analyst Insight

Investors should monitor Hut 8 Corp.'s future filings and announcements closely for specific details regarding the nature and terms of this new material definitive agreement and financial obligation, as it could significantly impact the company's financial health and future prospects.

Key Players & Entities

• Hut 8 Corp. (company) — the registrant filing the 8-K
• January 12, 2024 (date) — date of the earliest event reported
• January 19, 2024 (date) — date the 8-K was filed
• 001-41864 (other) — Commission File Number for Hut 8 Corp.
• Delaware (other) — State of incorporation for Hut 8 Corp.
• HUT (other) — Trading symbol for Hut 8 Corp. on Nasdaq

Forward-Looking Statements

• Hut 8 Corp. will provide more details about the material definitive agreement and financial obligation in a subsequent filing or earnings call. (Hut 8 Corp.) — high confidence, target: Q1 2024 earnings report

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share HUT The Nasdaq Stock Mark
• $15.0 million — applicable period a loan D facility of $15.0 million; (ii) establish a right for Coinbase to
• $25,000 — Value") is less than the higher of (x) $25,000 and (y) 60% of the Prevailing Market Va

Filing Documents

• tm243483d1_8k.htm (8-K) — 31KB
• tm243483d1_ex10-1.htm (EX-10.1) — 632KB
• 0001104659-24-005229.txt ( ) — 955KB
• hut-20240112.xsd (EX-101.SCH) — 3KB
• hut-20240112_lab.xml (EX-101.LAB) — 33KB
• hut-20240112_pre.xml (EX-101.PRE) — 22KB
• tm243483d1_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 12, 2024, Hut 8 Mining Corp. , a British Columbia corporation (the "Hut 8 Mining" or the "Borrower"), a wholly owned subsidiary of Hut 8 Corp. (the "Company") entered into an amended and restated credit agreement (the "Amended and Restated Credit Agreement") between Hut 8 Mining, as borrower, and Coinbase Credit, Inc. ("Coinbase"), as lender, collateral agent, and administrative agent. The Amended and Restated Credit Agreement amended and restated the Company's existing credit agreement with Coinbase, originally entered into on or about June 26, 2023 (the "2023 Credit Agreement"). The Amended and Restated Credit Agreement amends and restates the 2023 Credit Agreement to, among other things: (i) make available to the Borrower for drawing during the applicable period a loan D facility of $15.0 million; (ii) establish a right for Coinbase to deliver a partial repayment notice to the Borrower if the price of Bitcoin on Coinbase's digital currency exchange platform (the "Prevailing Market Value") is less than the higher of (x) $25,000 and (y) 60% of the Prevailing Market Value on the effective date of the Amended and Restated Credit Agreement, requiring the Borrower to prepay $15.0 million in principal with any accrued and unpaid interest, plus a pro rata proportion of any other amounts owing under the Amended and Restated Credit Agreement and related documents; and (iii) establish that no early termination fee must be paid by the Borrower to Coinbase if (x) the Borrower gives notice to prepay the loan in full within 24 hours after commencement of a deleveraging period where the Prevailing Market Value is less than 60% of the Prevailing Market Value on the effective date of the 2023 Credit Agreement, (y) the termination is in connection with a requirement to prepay $15.0 million in principal pursuant to the Amended and Restated Credit Agreement, or (z) the Ontario Securities Commission requires terminati

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Amended and Restated Credit Agreement dated as of January 12, 2024 between Hut 8 Mining Corp. and Coinbase Credit, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HUT 8 CORP. Date: January 19, 2024 (Registrant) By: /s/ Aniss Amdiss Name: Aniss Amdiss Title: Chief Legal Officer and Corporate Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR