Core

Celsius

April

Green Light

<p class="p1" style="text-align: justify">One of the largest <a href="https://en.coin-turk.com/analysts-bitcoin-commentary-btc-selling-pressure-could-increase/" data-wpel-link="internal">Bitcoin</a> mining companies operating in the United States, <strong>Core Scientific</strong>, announced that it will emerge from bankruptcy proceedings next month. According to the announcement made on December 21st, the company has reached a principle agreement with shareholders for the distribution of convertible bonds and shares, followed by a relisting on the NASDAQ stock exchange by mid-January 2024.</p> 
<h2 class="p1" style="text-align: justify" id="green-light-from-bitcoin-mining-company">Green Light from Bitcoin Mining Company</h2> 
<p class="p1" style="text-align: justify">The company’s CEO, Adam Sullivan, announced that they have created a post-exit plan to lift the balance sheet limit and a plan for continuous growth for the year 2024 and beyond, expressing his excitement for the company’s return to service.</p> 
<p class="p1" style="text-align: justify">Under the agreement, Core Scientific shareholders will receive new shares exchanged at a 25:1 ratio to ensure $1.08 per share before the exchange. With this development, stockholders will receive $1.62 for each $1 nominal value of convertible bonds due in April and $1.20 for each $1 nominal value of bonds due in August.</p> 
<p class="p1" style="text-align: justify">Core Scientific went public in July 2021 with a $4.3 billion special purpose acquisition company (SPAC) deal. At that time, Core Scientific shares were trading at $10. Shortly thereafter, the downturn in the crypto market, rising energy prices, increasing mining difficulty, and the debt given to crypto firm Celsius led to Core Scientific filing for bankruptcy in December 2022.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-292310 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/Core-Scientific.jpg" alt="" width="1200" height="628"></p> 
<h2 class="p1" style="text-align: justify" id="core-scientific-making-a-comeback">Core Scientific Making a Comeback</h2> 
<p class="p1" style="text-align: justify">Previously in the crypto media, it was reported that after Core Scientific’s plan goes into effect in January, it would take on $709 million in net debt and $791 million in shareholder equity. Only $46 million of the debt is due by 2025. While in bankruptcy, the company signed a $77 million cash and stock deal with Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain for 27,000 mining rigs.</p> 
<p class="p1" style="text-align: justify">The company currently owns over 199,000 ASICs and mines approximately 32 Bitcoins per day with its operations. Recently, crypto mining companies have continued to increase their investments. One of the biggest reasons for this is the upcoming Bitcoin Halving event in April.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/core-scientific-set-to-emerge-from-bankruptcy/" data-wpel-link="internal">https://en.coin-turk.com/core-scientific-set-to-emerge-from-bankruptcy/</a>

Core Scientific Set to Emerge from Bankruptcy

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