** Terawulf's shares down 6.5% at $5.99 on Thurs after capital raise ** Easton, Maryland-based bitcoin miner early Thurs announced pricing upsized offering of $425 mln 2.75% 6-yr convertible bonds ** Initial conversion price of $8.48 represents 32.5% premium to stock's last close
** Co plans to use ~$51 mln of net proceeds to pay for capped calls and $115 mln to repurchase its stock
** Remainder for general purposes, including working capital, strategic acquisitions, data center infrastructure expansion to support high-performance computing $(HPC.AU)$, it said
** After the bell Weds, co announced $350 mln convertible offering and its board authorized $200 mln stock buyback program
** Co has current market cap of ~$2.3 bln, per LSEG data
** Even with decline on the session, stock up ~150% YTD
** All 8 analysts covering WULF are bullish and their median PT is $6.50
(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))
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