Iren Ltd. has unveiled its strategic plans involving capped call transactions in connection with the issuance of notes. The company aims to establish initial hedges as option counterparties and their affiliates engage in various derivative transactions with Iren's ordinary shares. These actions could influence the market price of Iren's shares and notes. The strategy also includes potential modifications of hedge positions by the forward counterparty or its affiliates through further derivative transactions or trading of Iren's shares in the secondary market. This activity may affect the conversion process and the value of consideration for noteholders. Iren's capped call transactions are designed to mitigate dilution of shares upon note conversion, subject to a cap price. The transactions will be cash settled until shareholder approval for share repurchase is obtained or permitted under jurisdictional laws, with the company retaining the option to seek such approval at future meetings. The notes and any shares from conversion are not registered under the Securities Act, limiting their offer and sale to exempt transactions.