TeraWulf – an environmental, social and governance-focused bitcoin mining company – is set for a Nasdaq listing after it agreed to merge with Ikonics, an imaging-technology company whose stock trades on Nasdaq.
The two agreed to form a new holding company, an announcement Friday said.
The new company will bear TeraWulf’s name and is expected to trade on Nasdaq under the ticker symbol, “WULF.” Paul Prager, chairman and CEO of TeraWulf, will hold the same positions in the new company.
Ikonics (NASDAQ:IKNX) investors will receive $5 in cash and one share in the new company for each share they hold. Ikonics stock closed at $11.30 on Thursday.
They will also receive one contingent value right (CVR). The CVRs, which won’t be publicly traded, entitle them to 95% of the proceeds from a sale of Ikonics’ imaging business and will expire after 18 months.
TeraWulf aims to mine bitcoin with over 90% zero-carbon energy. It has more than 60,000 mining machines on order, giving it 50 megawatts of mining capacity. It expects that to grow to 800 MW by 2025, enabling a hashrate of more than 23 EH/s, which means the machines will be able to compute more than 23 quadrillion calculations per second.
As of Thursday, Ikonics had a market cap of $22.3 million.