TERAWULF INC. (WULF): debt financing — TeraWulf amends Yorkville convertible note: conversion price cut from $3.75 to $1.26, maturity extendable to Dec 23

TERAWULF INC.

Original $15M advance (net $14.7M) at 4% interest due Nov 25, 2022; amendment gives Yorkville right to extend maturity to Dec 23, 2022.
Conversion price reduced from $3.75 to $1.26 per share, increasing potential dilution for existing shareholders.
Amended and restated convertible promissory note issued to YA II PN, Ltd. (Yorkville) on Oct 25, 2022.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TERAWULF INC. amended convertible notes with YA II PN, Ltd. (Yorkville).

Instrument: convertible notes
Counterparty: YA II PN, Ltd. (Yorkville)
Event: amendment

Exact text from the filing

On October 25, 2022, the Company entered into a letter agreement with Yorkville pursuant to which it agreed to amend and restate the Advance in its entirety. On October 25, 2022, the Company issued an amended and restated convertible promissory note to Yorkville which, among other things, grants Yorkville the right to extend the Maturity Date from November 25 to December 23, 2022 upon advance notice to the Company, and changes the Conversion Price from $3.75 to $1.26 per share of Common Stock.

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TERAWULF INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-112528

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