TeraWulf (WULF) Prices $20.6 Million Public Offering of Common Stock

TeraWulf Inc. (Nasdaq: WULF) ("TeraWulf" or the "Company") today announced that it priced a public offering of its common stock (the "Offering") for gross proceeds of approximately $20.6 million, before deducting underwriting discounts and commissions and offering expenses payable by the Company. In addition, the Company granted the underwriters a 30-day option to purchase approximately $3.1 million of additional shares of common stock. All of the shares in the Offering are being sold by the Company. The Company anticipates using the net proceeds from the Offering to build mining operations and establish digital asset infrastructure and for working capital and general corporate purposes. The Offering is expected to close on April 14, 2022, subject to customary closing conditions.

Certain of TeraWulf's existing investors, including the Company's Chief Executive Officer Paul Prager, have agreed to purchase $5.0 million 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 11, 2022) in a private offering, which is expected to close prior to or concurrently with the closing of the Offering.

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

The underwriter may offer the shares from time to time for sale 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 prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On April 11, 2022, the last sale price of the shares as reported on the Nasdaq was $7.88 per share.

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