TeraWulf upsizes and prices $850M 1% Convertible Senior Notes due 2031 for data center expansion

TERAWULF INC.

$850M aggregate principal amount, 1.00% interest, semi-annual, matures Sept 1, 2031.
Initial conversion price ~$12.43/share (32.5% premium to Aug 18 closing price of $9.38).
Initial purchasers have 13-day option to buy up to an additional $150M in notes.
Net proceeds ~$828.7M (or ~$975.2M if option exercised); $85.5M for capped call transactions, remainder for data center expansion and general corporate purposes.
Offering expected to close Aug 20, 2025; capped call transactions with cap price of $18.76/share (100% premium).

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