Bitcoin Miner TeraWulf Raises $32M in Equity Funding, Reaches Agreement to Restructure Its Debt

Bitcoin miner TeraWulf, which raised $32 million in a public stock offering, has also reached a "binding agreement in principle" with existing lenders to restructure its debt, which is subject to equity financing. After the transaction closes, the company expects to achieve free cash flow. It will use the net proceeds to construct its facilities in New York and Pennsylvania and for other general purposes. The debt restructuring will replace the amortization of the term loan with a free cash flow liquidation mechanism by April 2024, provided TeraWulf raises the necessary equity proceeds by March 15.