Sharon AI Closes $350 Million Convertible Notes Offering

New York, USA. SharonAI Holdings Inc. (NASDAQ: SHAZ), an Australian high-performance computing company, has officially announced the closing of a private offering of Convertible Senior Notes due in 2031, securing aggregate gross proceeds of US$350 million.

The financing round was led by Oaktree Capital Management, L.P., utilizing funds and accounts within its Value Opportunities investment strategy. The transaction also included participation from Two Seas Capital LP, along with various other new and existing institutional investors. Lucid Capital Markets served as the sole placement agent for the transaction.

Key Highlights:

• Use of Proceeds: The company intends to allocate the capital primarily toward the procurement of GPU and network hardware, as well as general working capital requirements to support revenue-generating AI cloud deployments.
• Strategic Infrastructure: These deployments include a previously announced cloud computing infrastructure agreement with a global technology firm that has a significant footprint in the Asia-Pacific region. This contract is valued at approximately US$950 million over a five-year term, with revenue generation anticipated to commence in the second half of 2026.

Legal counsel for the transaction included Sheppard Mullin Richter & Hampon for Sharon AI, Ellenoff Grossman & Schole LLP for the placement agent, and Latham & Watkins LLP representing Oaktree.