Bitcoin Mining Company Core Scientific Back on Nasdaq After Successful Restructuring
Core Scientific, a popular Bitcoin mining company, has officially returned to trading on Nasdaq after successfully implementing restructuring measures subsequent to its bankruptcy filing in 2022.
According to a statement released on Tuesday, the company’s reorganization efforts enabled the reduction of $400 million in debt by converting liabilities from equipment lenders and convertible note holders into equity.
The restructuring plan outlines additional steps to alleviate remaining debt, including the conversion of outstanding convertible debt, investors’ exercise of warrants, and the utilization of available cash to settle financial obligations.
Adam Sullivan, the CEO of Core Scientific, expressed optimism about the company’s future, emphasizing a pragmatic growth strategy, preparation for the upcoming halving, and the conversion of energy into valuable computational resources for Bitcoin mining and other potential applications.
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Operating mining facilities with a total power capacity of 724 megawatts across five U.S. states, Core Scientific aims to augment its mining capacity by over 50% in the next four years through the deployment of new bitcoin miners.
The company had previously filed for Chapter 11 bankruptcy protection in December 2022, attributing the decision to cryptocurrency market downturns and various market challenges. Notable creditors during the bankruptcy included BlackRock and investment bank B. Riley.
Alexander Stefanov
Reporter at CoinsPress
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