Core Scientific Successfully Completes $55M Equity Offering, Gears Up for Nasdaq Relisting

Core Scientific, a Bitcoin miner, has wrapped up a $55-million equity financing round, signaling a strong recovery. The company plans to relist on Nasdaq after resolving Chapter 11, backed by enhanced liquidity. CEO Adam Sullivan highlights the success, emphasizing growth plans and strategic positioning.

Bitcoin miner Core Scientific recently concluded a $55-million equity offering, surpassing expectations and marking a pivotal step towards financial stability. The successful raise, coupled with the full repayment of debtor-in-possession (DIP) financing, positions the company to exit Chapter 11 this January. CEO Adam Sullivan underscores the achievement, stating that the move fortifies their liquidity and paves the way for executing ambitious growth plans.

In its November 2023 financial statement, Core Scientific revealed $2.3 billion in assets and $559 million in liabilities, culminating in a total equity of $1.8 billion. The company aims to rejoin the Nasdaq exchange post-bankruptcy proceedings. The recent prepayment of the outstanding DIP balance, along with access to $35 million in DIP agreement funding, adds to Core Scientific’s financial resilience.

Following its 2022 bankruptcy filing, attributed to crypto market challenges and financial intricacies with Celsius, Core Scientific’s restructuring plan aims to emerge with $709 million in net debt and $791 million in shareholder equity. Shareholders and noteholders are slated to receive new shares and favorable conversion ratios, underlining the company’s commitment to a robust recovery.

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