TeraWulf Taps Institutional Investors For $500M To Fuel Data Centre Growth
Synopsis
The funds raised are expected to help finance the construction of a new data center campus in Abernathy, Texas.
- TeraWulf plans to give initial note purchasers an option to buy an additional $75 million in notes within 13 days of issuance.
- The funds raised are expected to help finance the construction of a new data center campus in Abernathy, Texas.
TeraWulf Inc. (WULF) announced on Wednesday its plans to raise $500 million through a private offering of convertible senior notes due in 2032, targeting institutional investors under Rule 144A of the Securities Act of 1933.
Following the announcement, TeraWulf stock traded over 2% lower in Wednesday’s premarket and was the third-most trending equity ticker on Stocktwits. Retail sentiment around the stock jumped to ‘bullish’ from ‘bearish’ territory the previous day. Message volume improved to ‘extremely high’ from ‘low’ levels in 24 hours.
Funding Expansion Efforts
The company plans to give initial note purchasers an option to buy an additional $75 million in notes within 13 days of issuance. The funds raised are expected to help finance the construction of a new data center campus in Abernathy, Texas, announced on Tuesday and support other corporate initiatives.
TeraWulf has expanded its high-performance computing (HPC) operations through a 25-year joint venture agreement with Fluidstack, totaling $9.5 billion.
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