Business
TeraWulf Announces Mandatory Conversion Date for Series A Convertible Preferred Stock
EASTON, Md., Nov. 25, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), announced today that it has exercised its right to
About this update from Terawulf Inc.
[{"type":"text","content":"EASTON, Md., Nov. 25, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), announced today that it has exercised its right to cause the mandatory conversion of all outstanding shares of its Series A Convertible Preferred Stock (CUSIP Number 88080T 203; ISIN Number US88080T2033; the “Convertible Preferred Stock”) pursuant to and in accordance with the Certificate of Designations, filed by the Company with the Secretary of State of the State of Delaware on March 16, 2022 (the “Certificate of Designations”). Under Section 10(c) of the Certificate of Designations, the Company has the option to convert all outstanding shares of Convertible Preferred Stock into shares of TeraWulf common stock, par value $0.001 per share (the “Common Stock”), given that on at least five (5) trading days (whether or not consecutive) from November 4, 2025 through November 24, 2025, the Last Reported Sale Price (as defined in the Certificate of Designations) per share of TeraWulf's Common Stock has exceeded one hundred thirty percent (130%) of the conversion price, or $10.00 per share. Each share of Convertible Preferred Stock will automatically convert into 141.9483 shares of Common Stock on December 9, 2025 (the “Mandatory Conversion Date”), without the need for any action on the part of the applicable holder thereof. Any fractional interest in a share of Common Stock resulting from the mandatory conversion of the Convertible Preferred Stock will be paid in cash to the applicable holder based on the Last Reported Sale Price (as defined in the Certificate of Designations) per share of Common Stock on the Mandatory Conversion Date. All shares of Convertible Preferred Stock will cease to accrue regular dividends from and after the Mandatory Conversion Date. The date scheduled for the settlement of the mandatory conversion is December 11, 2025. Holders who wish to receive Common Stock for their Convertible Preferred Stock prior to the Mandatory Conversion Date may also exercise their optional conversion right pursuant to Section 10(b) of the Certificate of Designations and convert their Convertible Preferred Stock at any time before the close of business on the business day immediately before the Mandatory Conversion Date; however, any such optional conversion will not include amounts for accrued and unpaid regular dividends ...