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TeraWulf Inc. (formerly IKONICS Corporation) has completed its business combination and will trade under the ticker symbol 'WULF' starting December 14, 2021. The company raised approximately $200 million in financing to enhance its bitcoin mining capacity, targeting 6 exahash per second by mid-2022 and 800 megawatts by 2025. TeraWulf aims to be an environmentally sustainable bitcoin miner, utilizing over 90% zero-carbon energy. The management highlights the significance of energy infrastructure in bitcoin mining and its commitment to generating clean energy domestically.
TeraWulf Inc. has successfully raised approximately $200 million in debt and equity financing, aimed at boosting its bitcoin mining capacity to 6 exahash per second by mid-2022. The funding includes a $123.5 million term loan and $76.5 million from private placements. CEO Paul Prager emphasized the company's unique flexible covenant structure and its focus on environmentally clean bitcoin mining powered by 100% zero-carbon energy. TeraWulf plans to go public via a merger with IKONICS Corporation, with shareholder approval expected on December 10, 2021.
Monteverde & Associates PC is investigating potential shareholder claims regarding proposed acquisitions involving three companies: IKONICS Corp. (IKNX), Noble Corp. (NE), and CorePoint Lodging Inc. (CPLG).
IKONICS shareholders are set to receive $5.00 in cash and shares in the new entity. NE shareholders will receive one share of Topco common stock. CPLG shareholders are expected to gain $15.65 in cash per share. The investigations aim to ensure that shareholders are informed of their rights.
TeraWulf and IKONICS announced that their business combination has received SEC approval for the registration statement on Form S-4. A special meeting for IKONICS shareholders is set for December 10, 2021, to vote on the merger. This merger will allow TeraWulf to provide bitcoin mining powered by zero-carbon energy. TeraWulf aims to create substantial long-term value for shareholders. Following the merger, the new parent company will be named TeraWulf Inc., and its shares will trade under the symbol 'WULF'.
IKONICS Corporation (Nasdaq: IKNX) reported record revenue of $4,743,000 for Q3 2021, a 51% increase from $3,135,000 in Q3 2020. Despite this growth, the company experienced a net loss of $851,000 ($0.43 per diluted share), widening from a loss of $274,000 ($0.14 per diluted share) in the prior year. The losses were attributed to expenses related to the pending merger with TeraWulf, Inc. Non-GAAP earnings for Q3 were $206,000, reflecting strong demand and a significant order backlog, amidst ongoing supply chain challenges.
IKONICS Corporation (Nasdaq: IKNX) reported a substantial revenue increase of 65% in Q2 2021, reaching $4,251,000 compared to $2,572,000 in Q2 2020. Despite this growth, the company incurred a net loss of $722,000 or $0.37 per diluted share, an improvement from a $1,042,000 loss or $0.53 per share in the prior year. Non-GAAP earnings stood at $75,000. Challenges due to supply chain shortages have eased, and the company is progressing with new product initiatives. A merger agreement with TeraWulf is also in place, aimed at enhancing shareholder value.
TeraWulf, a U.S.-based bitcoin mining company, has joined the Bitcoin Mining Council, promoting sustainable mining practices. The company is developing facilities in New York and Pennsylvania, with the latter being powered by 100% zero-carbon nuclear energy. TeraWulf plans to merge with IKONICS Corporation (IKNX) and become Nasdaq-listed under the symbol 'WULF' in the second half of 2021, pending approvals. With 60,000 miners on order and 800 megawatts of sustainable energy capacity anticipated by 2025, TeraWulf aims to be a leader in the bitcoin mining sector.
IKONICS Corporation (NASDAQ: IKNX) announces a strategic collaboration with Teresa Collins Studio to promote the Ikonart® Custom Stencil Kit and ancillary products. This partnership aims to leverage Teresa Collins’ brand in the crafts market to enhance distribution channels and expand consumer reach. Fawn Giese, Creative Director, highlighted the uniqueness of Ikonart's customizable stencil films. Teresa Collins expressed enthusiasm about the collaboration, emphasizing the quality of IKONICS’ products and their potential to inspire creativity among users.
IKONICS Corporation (Nasdaq:IKNX) announced its Q1 2021 earnings, reporting net sales of $3,073,000, a 12.1% decline from $3,497,000 in Q1 2020. The company recorded a net loss of $322,000 ($0.16 per diluted share), marking a 45.1% improvement over the previous year’s loss. Despite sales declines, CEO Glenn Sandgren highlighted positive trends, including cost reductions and strengthening imaging sales as markets reopen. IKONICS paid off a $2.7 million loan, enhancing liquidity, while facing supply chain pressures but no long-term impacts anticipated.
