TeraWulf to Raise $500 Million via Convertible Preferred Notes
According to TeraWulf’s official statement, the company closed a $1.025 billion convertible preferred note sale, surpassing its target to fund Texas Abernathy data center construction and operational growth initiatives.
Summary
TeraWulf announced the completion of a $1.025 billion convertible preferred note issuance, exceeding its initial $900 million target through an additional $125 million in purchase rights. Net proceeds of approximately $999.7 million will finance the Texas Abernathy data center and other corporate operations. The company emphasized this capital raise strengthens its ability to advance high-performance computing infrastructure projects.
Terms & Concepts
- Convertible Preferred Notes: A type of security that combines features of debt and equity, offering fixed income and the option to convert into preferred stock under certain conditions.