Core Scientific Is Ready to Emerge from Bankruptcy and Re-list on Nasdaq by the End of January

“The United States Bankruptcy Court for the Southern District of Texas has confirmed the Company’s Chapter 11 plan of reorganization. The Bankruptcy Court’s approval of the Plan clears the way for Core Scientific to emerge and re-list on Nasdaq by the end of January 2024,” announced the company.“Today’s plan confirmation is a defining moment in our reorganization; we’re poised to emerge by the end of this month as an even stronger company, with a highly motivated team that is aligned for success,” said Adam Sullivan, Core Scientific Chief Executive Officer.”Under the terms of the Plan, shareholders will receive shares of the Company’s new common stock and warrants, constituting approximately 60% of the Company’s new equity. Assuming the cash exercise of all applicable warrants, and the cash is used to pay down debt, the Company’s existing debt would be paid in full, a reduction of approximately $1 billion from its debt balance prior to the Plan.””Plan approval comes shortly after the Company announced it had fully paid off its DIP financing and successfully completed an oversubscribed $55 million Equity Rights Offering.”

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