Wall Street closes at a record for the first time since end of January
Investing.com -- TeraWulf (O:WULF) shares dropped 6.6% to $19.45 in premarket trading on Wednesday following the announcement of a planned $800 million stock offering and preliminary first-quarter results that fell short of Wall Street expectations.
The Easton, Maryland-based data center infrastructure company said it intends to use the net proceeds from the offering to partially fund construction of a data center at its Hawesville, Kentucky site. The funds will also be used to fully repay its credit facility, for future acquisitions, and for general corporate purposes.
Morgan Stanley will serve as lead bookrunner for the offering, while Cantor Fitzgerald is acting as TeraWulf’s capital markets advisor.
TeraWulf also disclosed preliminary first-quarter results, expecting revenue between $30 million and $35 million and adjusted EBITDA of $0 million to $3 million. The company reported $3.1 billion in cash as of March 31.
These figures came in below analyst expectations, as Wall Street had projected first-quarter revenue of $40 million and adjusted EBITDA of $8.8 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.