TeraWulf increases Q1 2023 self-mining hash rate target to 5.0 EH/s, raises $10M to repay Yorkville debt

TERAWULF INC.

Restructured Bitmain purchase: canceled Dec 2022 batch of ~3,000 S19 XP Pro for ~14,000 S19j Pro miners delivered Q1 2023 at no extra cost.
Self-mining target raised 23% to 44,450 owned miners (5.0 EH/s) vs prior 36,250 miners (4.3 EH/s); all-in cost to mine ~$6,300/coin.
Raised ~$10M capital: $6.7M registered direct offering of common stock + $3.4M convertible notes from largest shareholders.
Proceeds to repay Yorkville convertible promissory note in full and terminate the standby equity purchase agreement (SEPA).
CEO Paul Prager's ownership drops to 49.88% from 59.4%, so company no longer a 'controlled company'; will need majority independent board and committees.

item 1.01 item 3.02 item 5.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TERAWULF INC. entered into Subscription Agreements with certain accredited and institutional investors valued at aggregate purchase price of $6.74 million (effective 2022-12-12).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited and institutional investors
Value: aggregate purchase price of $6.74 million
Effective: 2022-12-12

Exact text from the filing

On December 12, 2022, TeraWulf Inc. (the “Company”) entered into subscription agreements with certain accredited and institutional investors (each, a “Purchaser” and collectively, the “Purchasers”) in privately negotiated transactions (the “Subscription Agreements”) pursuant to which the Company issued (i) 16,850,000 shares of common stock, par value $0.001 per share (the “Common Stock”) as part of a registered direct offering (the “Registered Direct Offering”), at a purchase price of $.40 per share of Common Stock, for an aggregate purchase price of $6.74 million before deducting any fees and other expenses

View on SEC.gov

268 material agreements filed in the last 30 days. Browse all material agreements →

TERAWULF INC. filing history →

Source: SEC EDGAR

accession 0001083301-22-000064

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.