TeraWulf raises ~$32M equity, restructures debt; expects positive cash flow in Q2 2023

TERAWULF INC.

Public offering of 36.8M shares for $25M gross proceeds; underwriters have 30-day option for 5.5M additional shares.
Debt restructuring replaces term loan amortization with free cash flow sweep through April 2024, pending equity raise condition.
Management co-founders invested $2.5M in private placement at $1.05/share; additional $4.25M from warrant exercises and other equity.
Paul Prager entity exchanged 12M common shares for warrants exercisable at $0.00001 after charter amendment approval.
Targeting 160 MW and 5.5 EH/s mining capacity in Q2 2023; expects to be fully funded to positive free cash flow.

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 Underwriting Agreement with JonesTrading Institutional Services LLC, as representative of the several underwriters valued at approximately $25 million (effective 2023-02-01).

Action: entry
Agreement: underwriting
Counterparty: JonesTrading Institutional Services LLC, as representative of the several underwriters
Value: approximately $25 million
Effective: 2023-02-01

Exact text from the filing

On February 1, 2023, TeraWulf Inc. (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with JonesTrading Institutional Services LLC, as representative of the several underwriters (the “Underwriters”), relating to an underwritten offering of 36,764,706 shares (the “Company Shares”) of its $0.001 par value common stock (the “Offering”).

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

TERAWULF INC. entered into Voting and Support Agreement with certain of the Company’s shareholders (effective 2023-01-30).

Action: entry
Counterparty: certain of the Company’s shareholders
Effective: 2023-01-30

Exact text from the filing

the Company entered into a Voting and Support Agreement, dated January 30, 2023, with certain of the Company’s shareholders (the “Voting and Support Agreement”).

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

TERAWULF INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-009630

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