Bankrupt Bitcoin Miner Core Scientific Seeks Nasdaq Revival
Core Scientific, a prominent Bitcoin mining firm, is on the verge of exiting bankruptcy after filing for Chapter 11 protection in December 2022. The company's reorganization plan has been approved by the bankruptcy court, paving the way for its shares to relist on the Nasdaq by the end of January 2024.
The plan will see shareholders receive new common stock representing 60% of the company's equity. This comes after Core Scientific successfully completed an oversubscribed $55 million equity rights offering earlier this month.
Core CEO Adam Sullivan expressed optimism about the company's future, stating that it would emerge from bankruptcy 'stronger than before.' He noted that demand for Bitcoin and high-value compute continues to rise, driven by the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving in April.