secwatch.observer — SEC 8-K summary
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Issuer:     TERAWULF INC. (WULF)
CIK:        0001083301
Form:       8-K
Filed at:   2025-08-20T23:59:59+00:00
Accession:  0001104659-25-080911
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TeraWulf closes $850M 1.00% convertible notes due 2031; funds data center buildout
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- Issued $850M principal of 1.00% Convertible Senior Notes due 2031; underwriters have option for $150M more.
- Net proceeds ~$828.7M; $85.5M used for capped call transactions, remainder for data center expansion and general corporate.
- Initial conversion price ~$12.43 per share (80.4602 shares per $1,000 principal).
- Capped call transactions bought for $85.5M with cap price $18.76 to offset dilution on conversion.
- Notes not redeemable by TeraWulf until Sept 6, 2028; thereafter if stock >=130% of conversion price for 20 of 30 trading days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083301/000110465925080911/0001104659-25-080911-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083301/000110465925080911/tm2523651d5_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-080911

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