TeraWulf upsizes and prices $900M 0.00% convertible notes due 2032; net proceeds ~$877.6M

TERAWULF INC.

Offering upsized to $900M principal; option for additional $125M.
0.00% coupon, 37.5% conversion premium; initial conversion price ~$19.9375.
Net proceeds ~$877.6M ($999.7M if greenshoe exercised).
Proceeds to fund data center campus in Abernathy, TX and general corporate purposes.
Expected close Oct 31, 2025.

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