Iris Energy $100 million equity line financing
Davis Polk advised Iris Energy in connection with its ordinary share purchase agreement. Pursuant to the agreement, Iris Energy has the right, but not the obligation, to sell up to $100 million of its ordinary shares, with no par value, at the direction of Iris Energy at any time during the two-year term.
Iris Energy Limited is a Bitcoin mining company that builds, owns and operates data center infrastructure with a focus on entry into regions where it can access abundant and/or underutilized renewable energy to power its operations. Iris Energy Limited strives to support local communities, as well as the decarbonization of energy markets and the global Bitcoin network.
The Davis Polk corporate team included partners Byron B. Rooney and Marcel Fausten and associates Meaghan Kennedy and Livia Maas. Partner Lucy W. Farr and associate Yueyu Yang provided tax advice. Counsel Sarah E. Kim and associate Harrison Perry provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.