TeraWulf (NASDAQ:WULF) stock is taking a beating on Thursday after the crypto mining company revealed plans for a public stock offering.
According to a press release from TeraWulf, the company will offer up an additional 15% of shares sold in the offering to its underwriter. The deal lasts for 30 days and JonesTrading Institutional Services LLC is acting as the sole book-running manager of the offering.
Outside of that, TeraWulf hasn’t revealed the finer details of the stock offering. That includes the number of shares offered, the offering price, or how much the company expects to generate from the offering.
However, TeraWulf has revealed what it plans to do with the funds from the offering. It will spend the money on general corporate purposes, such as working capital or capital expenditures.
WULF Stock Reactions
Investors in WULF stock don’t appear happy about the company’s stock offering plan. That’s not too surprising considering a stock offering would dilute their stakes. Also, it would likely drop the price of the company’s stock.
With this news comes heavy trading of WULF stock. As of this writing, more than 1 million shares of the stock have changed hands. That’s already above the company’s daily average trading volume of about 806,000 shares.
WULF stock is down 32% as of Thursday morning.
Investors on the lookout for all of the latest stock market news are in luck!
We’ve got all of the most recent stock coverage traders need to know about on Thursday! That includes why shares of ZyVersa Therapeutics (NASDAQ:ZVSA) and Tenax Therapeutics (NASDAQ:TENX) are rallying, as well as the biggest pre-market stock movers from this morning. Investors looking for all that news can find it below!
More Thursday Stock Market News
- Why Is ZyVersa Therapeutics (ZVSA) Stock Up 94% Today?
- Why Is Tenax Therapeutics (TENX) Stock Up 149% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
