Connect with us

Hi, what are you looking for?

Economy

Bitcoin Miner Core Scientific Announces Post-Bankruptcy Comeback to Return to Nasdaq

Core Scientific has announced its return to the Nasdaq following a comprehensive reorganization post-bankruptcy.

According to Core Scientific’s recent release, the Bitcoin miner has emerged from its Chapter 11 bankruptcy with a significantly strengthened financial position. The reorganization process has enabled the company to reduce its debt by $400 million through the conversion of equipment lender and convertible note holder debt into equity.

Strengthened Balance Sheet and Relist Plan


This step is part of a broader plan designed to further improve the company’s balance sheet, potentially including the conversion of remaining convertible debt and the utilization of cash for debt reduction.

The company plans to “commence the listing of its common stock, tranche 1 warrants and tranche 2 warrants on the Nasdaq Global Select Market” with the symbols CORZ, CORZW and CORZZ on Jan. 24.

“Core Scientific is positioned as one of the largest bitcoin miners in North America, with specialized data centers in five U.S. states operating 724 megawatts of power,” the release reads.

“In addition to operating 16.9 exahash of energized hash rate for its bitcoin mining business as of Dec. 31, 2023,” said the company. “Core Scientific also operated 6.3 exahash for its hosting business for a total of 23.2 exahash.”

Core Scientific to Increase Capacity by 50%


“This week marks an important step forward for us as we emerge, re-list and now focus all our energy on the exciting opportunities ahead of us,” said Core Scientific CEO Adam Sullivan. “Throughout the reorganization process, the Company has maintained its position as one of the largest and most consequential bitcoin miners in North America.”

“We are poised to execute our pragmatic growth plan, continue preparing for the coming halving and create value by transforming energy into high value compute for bitcoin mining and other potential applications,” said Sullivan.

The detailed reorganization plan stated that the company is set to deploy more Bitcoin miners and increase its capacity by more than 50% over the next four years with the developed data infrastructure.

The company also announced its new Board of Directors, aiming to bring their expertise to contribute to the restructuring operation.

 

The post Bitcoin Miner Core Scientific Announces Post-Bankruptcy Comeback to Return to Nasdaq appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news. In today’s crypto...

Economy

The amount of Bitcoin (BTC) held on Coinbase has plummeted by almost $1 billion worth of assets as whales move their holdings. New data...

Economy

Mumbai, the bustling financial hub of India, has introduced a metaverse initiative aimed at showcasing its latest and upcoming city-wide infrastructure megaprojects. Dubbed the Mumbai...

Economy

BlackRock, the world’s largest asset manager, has intensified its media advertising campaign for its recently launched iShares spot Bitcoin exchange-traded fund (ETF), framing the...

Economy

In an exclusive, gaming-focused interview with Cryptonews, the BLOCKLORDS game CEO David Johansson talked about the indestructible link between crypto and gaming. He told...

Economy

A recent study by a team of researchers from Europe and Asia explored the possibility of predicting positive outcomes in crypto market trading using...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.