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One of the leading Bitcoin mining firms, Core Scientific, has officially announced that it will be exiting bankruptcy and will relist shares in the United States as well.&nbsp; 
As per the firm’s statement, it will be relisting its “CORZ” shares on the Nasdaq after a 13-month restructuring journey. The bankruptcy court for the Southern District of Texas has confirmed the emergence. 
<h2 id="span-style-font-weight-400-emergence-of-core-scientific-span">Emergence of Core Scientific</h2> 
Core Scientific<a href="https://investors.corescientific.com/investors/news/news-details/2024/Core-Scientific-Inc.-Plan-of-Reorganization-Confirmed-by-Bankruptcy-Court/default.aspx"> stated</a> on January 16 that it has currently set January 23 as its emergence date and plans to re-list on Nasdaq by the end of January 2024.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The Bankruptcy Court has confirmed our Chapter 11 plan of reorganization. The Bankruptcy Court's approval of our plan clears the way for Core Scientific to emerge and re-list on Nasdaq by the end of January 2024! 
 Read the full press release here: <a href="https://t.co/9pvy6hKOrP">https://t.co/9pvy6hKOrP</a> <a href="https://t.co/3rnKjG1TBv">pic.twitter.com/3rnKjG1TBv</a> 
 — Core Scientific (@Core_Scientific) <a href="https://twitter.com/Core_Scientific/status/1747343096428323215?ref_src=twsrc%5Etfw">January 16, 2024</a>
</blockquote> 
&nbsp; 
<a href="https://thecoinrise.com/core-scientific-files-bankruptcy-plan-details/">Under current Chapter 11 plans</a>, the Bitcoin mining firm noted that the existing shareholders will retain over 60% of Core Scientific’s shares.&nbsp; 
<h3 id="span-style-font-weight-400-full-recovery-span">‘Full Recovery’</h3> 
As per the company’s restructuring plans, Core Scientific will also cut down millions of dollars in debt from its balance sheet while providing a “full recovery” to the creditors of all classes.&nbsp; 
Further, United States Bankruptcy Judge Christopher Lopez<a href="https://www.reuters.com/legal/bitcoin-miner-core-scientific-gets-court-approval-restructuring-2024-01-16/"> noted</a> in a hearing that the bankruptcy plan “provides a tremendous recovery for both unsecured creditors and also equity holders.” The Bitcoin miner also expects to reserve close to 240 jobs at the firm. 
<h2 id="span-style-font-weight-400-core-scientific-ceo-weighs-in-span">Core Scientific CEO Weighs In</h2> 
Core Scientific CEO Adam Sullivan added that the “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,” while adding: 
“With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating value for our shareholders as we execute our growth plan, de-lever our balance sheet and deliver superior efficiency at scale.” 
<h3 id="span-style-font-weight-400-production-of-bitcoin-span">Production of Bitcoin</h3> 
It is important to note that Core Scientific is one of the leading Bitcoin miners in the United States and produced over 13,700 self-mined Bitcoin and 5,500 BTC from co-located miners in 2023. 
The company hired<a href="https://thecoinrise.com/core-scientific-has-appointed-a-new-ceo/"> Adam Sullivan as its new chief executive officer</a> on August 4, replacing Mike Levitt, the co-founder and previous CEO. 
The post <a href="https://thecoinrise.com/core-scientific-to-exit-from-bankruptcy-and-relist-shares/">Core Scientific to Exit from Bankruptcy and Relist Shares</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Core Scientific to Exit from Bankruptcy and Relist Shares

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