SharonAI Holdings Inc. (NASDAQ: SHAZ) completed a private offering of convertible senior notes due in 2031, raising $350 million in gross proceeds from qualified institutional buyers.

The financing was led by Oaktree Capital Management, with participation from Two Seas Capital LP and other institutional investors. The notes were offered under Rule 144A of the Securities Act of 1933.

The company plans to use the proceeds to fund GPU and network procurement, along with working capital for AI cloud deployments. This includes support for a previously announced cloud computing infrastructure agreement with a global technology company worth approximately $950 million over five years, with revenue expected to begin in the third and fourth quarters of 2026.

Lucid Capital Markets served as the sole placement agent for the transaction. Sheppard Mullin Richter & Hampton acted as counsel for Sharon AI, while Ellenoff Grossman & Schole LLP represented the placement agent and Latham & Watkins LLP advised Oaktree.

Sharon AI describes itself as an Australian neocloud company focused on high-performance computing for artificial intelligence and cloud GPU compute infrastructure. Details about the note terms can be found in the company's Form 8-K filing with the Securities and Exchange Commission dated April 28, 2026.

The information is based on a company press release statement.