RTTNews | Jun 25, 2021 10:15AM EDT

10:14 Friday, June 25, 2021 (RTTNews.com) - Shares of specialty chemicals company IKONICS Corporation (IKNX) are up more than 40% Friday morning after the bitcoin mining company TeraWulf Inc. announced its decision to buy IKONICS to become a publicly traded Cryptocurrency mining company.

The companies have entered into a merger agreement and the combined company, TeraWulf Inc. , is expected trade on the Nasdaq under the symbol "WULF".

As per the deal, IKONICS shareholders will receive $5 per share in cash, one Contingent Value Right (CVR) and one stock the combined company for each IKONICS share they own.

"TeraWulf is positioned to generate environmentally sustainable bitcoin at an industrial scale in the U.S. using over 90% zero-carbon energy. With 60,000 state-of-the-art miners on order, TeraWulf expects to have 50 MW of mining capacity online this year, and consistent with its buildout plan, expects to have 800 MW mining capacity deployed by 2025, enabling over 23 EH/s of expected hashrate," the company said.

TeraWulf intends to make IKONICS business a subsidiary of the combined company and put it up for sale.

IKNX touched a new high of $19.30 this morning, before slipping to trade at $15.91 currently.

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