EASTON, Md., Dec. 13, 2021 /PRNewswire/ -- TeraWulf Inc.
(Nasdaq: WULF) ("TeraWulf"), which was formed to own and operate
fully integrated environmentally clean bitcoin mining facilities
in the United States, today
announced that it has completed its previously announced business
combination with IKONICS Corporation ("IKONICS") (formerly
NASDAQ: IKNX). The combined company is now named "TeraWulf Inc."
and its common stock is expected to commence trading on the Nasdaq
Stock Market LLC on December 14, 2021
under the ticker symbol "WULF."
TeraWulf previously announced that it raised approximately
$200 million in debt and equity
financing from a group of leading institutional and individual
investors. The additional capital raised is expected to enable
TeraWulf to achieve 6 exahash per second, or 200 megawatts, of
mining capacity by the second half of 2022. In addition, TeraWulf
expects to have 800 megawatts of mining capacity deployed by 2025,
enabling over 23 exahash per second of expected hashrate.
"Completing the business combination takes us one step closer to
achieving our mission of generating environmentally sustainable
bitcoin at industrial scale in the United
States while using over 90% zero-carbon energy," said
Paul Prager, Chief Executive Officer
and chair of the board of TeraWulf. "As TeraWulf begins its journey
as a publicly traded company, we believe that our energy
infrastructure expertise and our core focus on ESG set us apart
from our competitors and tie directly to our business success.
TeraWulf intends to utilize cost-efficient, reliable and
sustainable energy from nuclear, hydro and solar sources to form a
fully-integrated, environmentally clean platform with attractive
economics. We look forward to creating substantial value for our
shareholders through a new paradigm in the world of cryptocurrency
mining."
Nazar Khan, Chief Operating
Officer and Chief Technology Officer of TeraWulf, added, "Energy
infrastructure is at the core of bitcoin mining, and our team
brings a proven track record of developing industrial-scale energy
projects. Bitcoin mining can be symbiotic with the modern grid,
serving a battery function with mining machines ramping up or down
depending on conditions. This balances out the supply and demand
for renewable energy on the local grid, while converting local
underutilized power generated by renewable sources into bitcoin, a
global asset with unlimited shelf life. We look forward to
leveraging our expertise to contribute to the acceleration of our
electrical grid's transition to a zero-carbon future."
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
advisor and Moelis & Company LLC served as financial advisor to
TeraWulf. Faegre Drinker Biddle & Reath LLP served as legal
advisor and Northland Securities, Inc. served as financial advisor
to IKONICS.
A Current Report on Form 8-K containing more detailed
information regarding the business combination will be filed by
TeraWulf with the Securities and Exchange Commission. The business
combination was approved by IKONICS's stockholders at a special
meeting of stockholders held on December 10,
2021.
About TeraWulf
TeraWulf was formed to own and operate fully integrated
environmentally clean bitcoin mining facilities in the United States. TeraWulf will generate
domestically produced bitcoin powered by nuclear, hydro and solar
energy.
For more information on TeraWulf, please visit www.TeraWulf.com
or follow @TeraWulfInc on Twitter.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, as amended. Such
forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements, other than statements of historical fact,
are statements that could be deemed forward-looking statements. In
addition, forward-looking statements are typically identified by
words such as "plan," "believe," "expect," "anticipate," "intend,"
"outlook," "estimate," "forecast," "project," "continue," "could,"
"may," "might," "possible," "potential," "predict," "should,"
"would" and other similar words and expressions, although the
absence of these words or expressions does not mean that a
statement is not forward-looking. Forward-looking statements are
based on the current expectations and beliefs of TeraWulf's
management and are inherently subject to a number of factors,
risks, uncertainties and assumptions and their potential effects.
There can be no assurance that future developments will be those
that have been anticipated. Actual results may vary materially from
those expressed or implied by forward-looking statements based on a
number of factors, risks, uncertainties and assumptions, including,
among others: (1) conditions in the cryptocurrency mining industry,
including fluctuation in the market pricing of bitcoin and other
cryptocurrencies, and the economics of cryptocurrency mining,
including as to variables or factors affecting the cost, efficiency
and profitability of cryptocurrency mining; (2) competition among
the various providers of data mining services; (3) changes in
applicable laws, regulations and/or permits affecting TeraWulf's
operations or the industries in which it operates, including
regulation regarding power generation, cryptocurrency usage and/or
cryptocurrency mining; (4) the ability to implement certain
business objectives and to timely and cost-effectively execute
integrated projects; (5) failure to obtain adequate financing on a
timely basis and/or on acceptable terms with regard to growth
strategies or operations; (6) loss of public confidence in bitcoin
or other cryptocurrencies and the potential for cryptocurrency
market manipulation; (7) the potential of cybercrime,
money-laundering, malware infections and phishing and/or loss and
interference as a result of equipment malfunction or break-down,
physical disaster, data security breach, computer malfunction or
sabotage (and the costs associated with any of the foregoing); (8)
the availability, delivery schedule and cost of equipment necessary
to maintain and grow the business and operations of TeraWulf,
including mining equipment and equipment meeting the technical or
other specifications required to achieve its growth strategy; (9)
employment workforce factors, including the loss of key employees;
(10) litigation relating to TeraWulf, IKONICS and/or the business
combination; and (11) the ability to recognize the anticipated
objectives and benefits of the business combination. Potential
investors, stockholders and other readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they were made. TeraWulf does
not assume any obligation to publicly update any forward-looking
statement after it was made, whether as a result of new
information, future events or otherwise, except as required by law
or regulation.
Contacts
TeraWulf Inc.
Michael
Freitag / Joseph Sala /
Lyle Weston
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE TeraWulf Inc.
