Shares of Bitcoin miner TeraWulf Inc. (WULF) are down more than 21% in the morning trade on Tuesday after the company announced about $20.6 million public offering of shares.
TeraWulf intends to use the net proceeds from the Offering for mining operations and digital asset infrastructure and for working capital and general corporate purposes.
The company also said that certain of its existing investors, including CEO Paul Prager, have agreed to purchase $5 million shares at a price of $7.88 per share, the last reported price on the Nasdaq on April 8, in a private offering.
The Offering is expected to close on April 14, 2022.
WULF, currently at $6.18, has been trading in the range of $4.03-$43.98 in the past 52 weeks.
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