Core

Equity

Bitcoin

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/core-scientific-closes-55-million-equity-financing-round-after-regaining-solvency/" data-wpel-link="internal">Core Scientific Closes $55 Million Equity Financing Round After Regaining Solvency</a><br></p>
<p class="p1" style="text-align: justify">In recent years, the cryptocurrency market has seen <a href="https://en.coin-turk.com/what-is-happening-in-the-bitcoin-market/" data-wpel-link="internal">Bitcoin</a> mining companies encounter <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> difficulties, leading to the shutdown of many operations. Bitcoin miner Core Scientific has announced the closure of a $55 million equity financing round after regaining its ability to pay. Here are the notable details of the process.</p> 
<h2 class="p1" style="text-align: justify" id="the-company-s-noteworthy-announcement">The Company’s Noteworthy Announcement</h2> 
<p class="p1" style="text-align: justify">According to the announcement made public by the company on January 8, the $55 million stock offering ended last week and saw excessive demand from investors. Core Scientific CEO Adam Sullivan shared the following statement regarding the matter:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“As a result of this successful capital increase and after the full repayment of previously drawn amounts in our financing, we are ready to emerge from Chapter 11 in January with enhanced liquidity and in a strong position to continue implementing our growth plans.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">In its latest financial statement released in November 2023, the company reported $2.3 billion in assets and $559 million in liabilities against a total equity of $1.8 billion. Following the conclusion of its bankruptcy proceedings, the company aims to trade again on the NASDAQ stock exchange. On January 4, Core Scientific announced that it had prepaid the outstanding debt balance provided by lender Riley Financial. The existing $35 million fund under the agreement remains accessible for the company.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-299722 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/Core-Scientific.jpg" alt="" width="1200" height="628"></p> 
<h2 class="p1" style="text-align: justify" id="what-happened-during-the-bankruptcy-process">What Happened During the Bankruptcy Process?</h2> 
<p class="p1" style="text-align: justify">Core Scientific filed for bankruptcy in December 2022 due to the negative developments in the crypto market, rising energy prices, increasing mining difficulty, and the debt owed to crypto firm Celsius. Under the restructuring plan, the company will emerge from bankruptcy with a net debt of $709 million and equity of $791 million. Core Scientific shareholders will own new company shares, which have been exchanged at a 25:1 ratio, to provide $1.08 per share before the exchange.</p> 
<p class="p1" style="text-align: justify">With all these developments, note holders will receive $1.628 per $1 nominal value for convertible notes due in April and $1.201 per $1 nominal value for notes maturing in August.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/core-scientific-closes-55-million-equity-financing-round-after-regaining-solvency/" data-wpel-link="internal">Core Scientific Closes $55 Million Equity Financing Round After Regaining Solvency</a></h5>

Core Scientific Closes $55 Million Equity Financing Round After Regaining Solvency

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