EddieJayonCrypto
17 Jan 24
Core Scientific, a prominent victim of the crypto winter, has received approval for Chapter 11 reorganization plans and expects to re-list its shares on Nasdaq by the end of this month. The company will pay its existing debt in full, and existing shareholders will receive about 60% of the new compan...
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Core Scientific, a prominent victim of the crypto winter, has received approval for Chapter 11 reorganization plans and expects to re-list its shares on Nasdaq by the end of this month. The company will pay its existing debt in full, and existing shareholders will receive about 60% of the new company's equity. After closing a $55 million equity rights offering, Core Scientific anticipates emerging as an even stronger company, with plans to operate 182,000 mining rigs in 2022 and nearly $1 billion in revenue by 2027.
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