Ikonics Corp. (IKNX) and TeraWulf Announce Effectiveness of Merger Registration Statement; Set Special Meeting Date for December 10th

November 15, 2021 8:03 AM EST

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TeraWulf Inc, which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, and IKONICS Corporation (Nasdaq: IKNX) announced today that the registration statement on Form S-4 (as amended), which includes a definitive proxy statement/ prospectus, filed with the Securities and Exchange Commission (the "SEC") in connection with their previously announced business combination was declared effective by the SEC on November 12, 2021.

A special meeting of IKONICS shareholders (the "Special Meeting") to vote on the business combination, among other matters, is scheduled to be held virtually at 8:00 a.m., central time, on December 10, 2021. IKONICS shareholders as of the close of business on October 22, 2021 (the "Record Date") will be entitled to vote their shares at the Special Meeting. IKONICS shareholders may attend the Special Meeting, vote their shares and submit questions electronically during the meeting via live webcast by logging in at www.virtualshareholdermeeting.com/IKNX2021SM. Notice of the Special Meeting and a definitive proxy statement/prospectus will be mailed to IKONICS shareholders as of the Record Date.

"We are pleased to reach this next phase on our path to launch as a publicly listed company and bring our new paradigm for cryptocurrency mining to the public markets," said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. "Since announcing the transaction with IKONICS in June 2021, we've continued to take steps to develop our facilities in New York and Pennsylvania and towards our goal of providing domestically produced bitcoin powered by 100% zero-carbon energy. Our team brings decades of energy experience and with it a model for sustainable, large-scale crypto currency mining, which we believe will create substantial long-term value for our shareholders."

Glenn Sandgren, Chief Executive Offer of IKONICS, said, "Today marks another step forward to completing our transaction with TeraWulf, and our board of directors unanimously recommends shareholders vote to approve the business combination. We continue to execute on our strategic plan and remain confident in the inherent value of our legacy business."

Concurrent with the completion of the business combination, which is expected to occur by the end of 2021 subject to approval by IKONICS shareholders and the satisfaction of other customary closing conditions, Telluride Holdco, Inc., the ultimate parent company of TeraWulf and IKONICS, is expected to be renamed "TeraWulf Inc.", and its shares of common stock are expected to be listed on The Nasdaq Stock Market LLC under the trading symbol "WULF."

IKONICS has retained The Proxy Advisory Group LLC to serve as the information agent and proxy solicitor in connection with the Special Meeting. IKONICS shareholders may call The Proxy Advisory Group LLC at +1 (212) 616-2180 with any questions regarding the proxy statement/prospectus.

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