secwatch.observer — SEC 8-K summary
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Issuer:     TERAWULF INC. (WULF)
CIK:        0001083301
Form:       8-K
Filed at:   2022-12-12T23:59:59+00:00
Accession:  0001083301-22-000064
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.02, 5.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083301/000108330122000064/0001083301-22-000064-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083301/000108330122000064/wulf-20221212x8k.htm
  HTML page:      https://secwatch.observer/filing/0001083301-22-000064

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer