NEW YORK , June 25, 2021 /PRNewswire/ --
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of IKONICS ("IKONICS" or the "Company") (NASDAQ: IKNX) in connection with the proposed acquisition of the Company by TeraWulf Inc. ("TeraWulf"), a privately held bitcoin mining company. Under the terms of the merger agreement, IKONICS shareholders will receive $5.00 in cash, one contingent value right ("CVR"), and one share of the combined company's common stock. Through the CVRs, which will not be publicly traded, the IKONICS shareholders will be entitled to receive 95% of the net proceeds from any sale of IKONICS's legacy business completed during the 18 months following the closing of the business combination, and will expire at the end of such 18 month period with respect to any portion of IKONICS's legacy business which has not been sold. The shares of the combined company's common stock to be received by the IKONICS shareholders will collectively represent 2% of the combined company's pro forma common equity ownership. Upon completion of the transaction, it is expected that TeraWulf will become a NASDAQ-listed company.
If you own IKONICS shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/iknx
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16 th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw LLP is investigating whether IKONICS's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, whether the merger consideration and proposed equity split are fair to IKONICS shareholders, and whether all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP