---
schema_version: "secwatch.filing_event.v1"
accession: "0001083301-22-000064"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2022-12-12T23:59:59+00:00"
generated_at: "2026-06-21T05:56:11.293379+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001083301-22-000064
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2022-12-12T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 5.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000108330122000064/0001083301-22-000064-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000108330122000064/wulf-20221212x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001083301-22-000064
- JSON: https://secwatch.observer/filing/0001083301-22-000064.json
- Plain text: https://secwatch.observer/filing/0001083301-22-000064.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1083301/000108330122000064/0001083301-22-000064-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.