IKONICS jumps 41% on business combination for a US publicly traded ESG-focused cryptocurrency mining company

• TeraWulf expects to become a Nasdaq-listed company through a business combination with IKONICS (NASDAQ:IKNX).
• TeraWulf is positioned to generate environmentally sustainable bitcoin at an industrial scale in the U.S. using over 90% zero-carbon energy and expects to have 50 MW of mining capacity online this year.
• Combined company intends to be listed on Nasdaq under trading symbol "WULF".
• IKONICS to become subsidiary of combined company and positioned for sale.
• Shareholders to receive $5 per share and contingent value right ( or CVR), and collectively retain 2% of combined company's common stock.
• IKONICS shareholders will be entitled to received 95% of the net proceeds from any sale of IKONICS's legacy business completed during the 18 months following the closing of the business combination.
• Share jumps 41% during pre-market hours.