Posted 1/16/2024, 10:05:00 PM
Bitcoin Miner Core Scientific to Relist Shares After Exiting Bankruptcy with Debt Paid
- Core Scientific, a major bitcoin mining company, received court approval for its bankruptcy reorganization plan and expects to relist shares this month
- Under the plan, Core will pay its debt in full and existing shareholders will get about 60% of the new company
- Core closed a $55 million equity rights offering, one of the final steps before emerging from bankruptcy
- Core filed for bankruptcy in December when bitcoin prices had fallen, but prices have now recovered to $43,000
- Core expects to maintain its position as the largest publicly traded bitcoin mining company, with over 180,000 mining rigs