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Tuesday, May 24, 2022

Has TeraWulf (WULF) Stock Fallen Recent Session For A Reason?

TeraWulf Inc. (WULF) has plunged -25.63% to $5.86 in the current market on the last check Tuesday. Announcing the pricing of a public offering made the stock lose ground. The stock of TeraWulf (WULF) completed the previous trading session at $7.88.


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What kind of public offering did WULF make?

TeraWulf (WULF) announced today that it has priced its first public offering of common shares (the “Offering”).

  • Before deducting underwriting discounts and fees, as well as the Company’s offering expenses, WULF raised about $20.6 million in total proceeds.
  • TeraWulf also gave the underwriters a 30-day option to buy an additional $3.1 million worth of common stock from TeraWulf.
  • WULF is selling all of the shares in the Offering.
  • TeraWulf plans to use the net proceeds from the Offering to expand its mining operations and build up its digital asset infrastructure, as well as for working capital and other business reasons.
  • Subject to normal closing conditions, the Offering is scheduled to conclude on April 14, 2022.
  • Cantor Fitzgerald & Co. served as the Offering’s only book-running manager.
  • The underwriter may sell the shares in one or more transactions on The Nasdaq Stock Market LLC (“Nasdaq”), in the over-the-counter market, through negotiated transactions, or otherwise at market prices, prices comparable to market prices, or negotiated prices at any time.
  • The final sale price of the shares as published on the Nasdaq on April 11, 2022, was $7.88 per share.

Will WULF be sold in a private offering as well?

WULF’s current investors, including the company’s CEO Paul Prager, have committed to buy $5.0 million worth of the company’s common stock. In a private offering, they agreed on a purchase price of $7.88 per share (the final recorded sale price of the common stock on the Nasdaq on April 11, 2022). TeraWulf (WULF) anticipates that the private offering will close before or at the same time as the Offering.

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