IKONICS Corporation

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IKONICS MERGER INVESTIGATION: HALPER SADEH LLP ANNOUNCES INVESTIGATION INTO WHETHER THE SALE OF IKONICS CORPORATION IS FAIR TO SHAREHOLDERS; INVESTORS ARE ENCOURAGED TO CONTACT THE FIRM – IKNX

June 26, 2021.

New York, New York—Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of IKONICS Corporation (NASDAQ: IKNX) to TeraWulf Inc. is fair to IKONICS shareholders. Under the terms of the agreement, each outstanding share of IKONICS common stock 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, IKONICS shareholders will be entitled to received 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.

The investigation concerns whether IKONICS and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for IKONICS shareholders; (2) determine whether TeraWulf is underpaying for IKONICS; and (3) disclose all material information necessary for IKONICS shareholders to adequately assess and value the merger consideration. On behalf of IKONICS shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.

Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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