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

Jun. 25, 2021 9:13 AM ETTeraWulf Inc. (WULF)WULFBy: Manshi Mamtora, CFA1 Comment
  • 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.

Recommended For You

Comments (1)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.