Core Scientific returns to Nasdaq following restructuring after 2022 bankruptcy
Texas-based Bitcoin mining company Core Scientific has resumed trading on the Nasdaq today, follow ing the firm’s restructuring process after declaring bankruptcy in 2022. In a statement issued on Jan. 23, the crypto miner stated that its restructuring plan enabled a $400 million debt reduction through the conversion of debts from equipment lenders and convertible note holders into equity. We are thrilled to announce that Core Scientific has officially emerged from Chapter 11! Read the full press release here: https://t.co/mP0O62CyUm pic.twitter.com/0iBREWFwuN — Core Scientific (@Core_Scientific) January 23, 2024 Core Scientific also outlined additional strategies to diminish its debt further, which include the conversion of remaining convertible debt, the exercise of warrants by investors, and the utilization of available cash for debt repayment. According to the reorganization plan, shareholders are set to receive around 60% of the new share capital of Core Scientific, with