secwatch.observer — SEC 8-K summary
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Issuer:     TERAWULF INC. (WULF)
CIK:        0001083301
Form:       8-K
Filed at:   2023-03-03T23:59:59+00:00
Accession:  0001104659-23-028517
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TeraWulf amends loan, suspends amortization until April 2024, issues warrants
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- Fifth Amendment eliminates mandatory amortization of term loans through April 8, 2024, subject to $33.5M equity raise by March 15, 2023.
- Lenders receive 26.7M penny warrants (exercise $0.01) and 13.3M dollar warrants (exercise $1.00), representing 15% of fully diluted equity.
- Lenders get non-voting board observer and right to appoint a board member; strategic review committee established.
- Excess cash flow sweep replaces scheduled principal payments; if $40M repaid by April 1, 2024, maturity extends to Dec 1, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083301/000110465923028517/0001104659-23-028517-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083301/000110465923028517/tm238231d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-028517

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