TeraWulf (WULF) Announces Proposed Public Offering of Common Stock

TeraWulf Inc. (NASDAQ: WULF) ("TeraWulf" or the "Company"), which owns and operates fully integrated environmentally clean bitcoin mining facilities in the United States, today announced that it is commencing an underwritten public offering of its common stock (the "Offering"). TeraWulf also expects to grant to the underwriter for the Offering a 30-day option to purchase up to an additional 15% of the number of shares of common stock offered in the public offering. All of the shares to be sold in the Offering will be sold by TeraWulf, subject to customary closing conditions. TeraWulf intends to use the net proceeds from the Offering for mining operations and digital asset infrastructure and for working capital and general corporate purposes. Certain of TeraWulf's existing investors, including the Company's Chief Executive Officer Paul Prager, have agreed to purchase $5,000,000 of shares of the Company's common stock, at a price of $7.88 per share (the last reported sale price of the common stock on the Nasdaq on April 8, 2022) in a private offering, which is expected to close prior to or concurrently with the closing of the Offering.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the Offering.

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