Core Scientific, Inc. - CORZQ STOCK NEWS

Core Scientific, Inc. (OTC: CORZQ) plans to emerge from Chapter 11 in early January, as outlined by CEO Adam Sullivan in a webcast. The company emphasizes its business strength, potential recovery value, Equity Rights Offering, post-emergence capital structure, and timeline. The webcast and presentation are available on the company's website for 90 days.

Core Scientific, Inc. (OTC: CORZQ) initiates a $55 million Rights Offering for holders of Existing Common Interests as part of the reorganization plan, allowing them to purchase shares at a subscription price of $8.21710 per whole Rights Offering Share. The Rights Offering commenced on November 20, 2023, and expires on December 11, 2023. Holders of Existing Common Interests will receive one subscription right for each Existing Common Interest held as of November 16, 2023, and will have the option to purchase additional Rights Offering Shares through an over-subscription right. The Rights Offering is part of a comprehensive restructuring of the Company's balance sheet, aiming to provide a meaningful recovery to the Company’s existing shareholders.

Core Scientific, Inc. (CORZQ) announces a $55 million equity rights offering to all holders of record of its common stock and certain other equity interests, aiming to emerge from bankruptcy in early 2024. The offering is part of a $1.5 billion enterprise value restructuring plan, providing liquidity and reducing debt, with a potential positive impact on the Company's share price.

Core Scientific, Inc. (OTC: CORZQ) to Host Investor and Analyst Presentation on November 15, 2023. The presentation will feature CEO Adam Sullivan, CFO Denise Sterling, EVP Matt Brown, and other management team members. A live webcast, presentation slides, and event recording will be available on the Core Scientific website.

Core Scientific, a leader in blockchain computing data centers, has released production and operations updates for October 2023. The company operated approximately 199,000 bitcoin miners and produced 910 self-mined bitcoin and an estimated 417 bitcoin from colocated miners. They sold 977 bitcoin, generating approximately $28.8 million in sales proceeds. Core Scientific operates in multiple states and supports grid operations to enhance electrical grid stability.

Core Scientific, Inc. has reached an agreement in principle with the Ad Hoc Noteholder Group and Equity Committee regarding the terms of a chapter 11 plan of reorganization. The agreement is subject to finalization of the Debtors' Third Amended Joint Chapter 11 Plan of Reorganization and the execution of a restructuring support agreement. The company expects to emerge from Chapter 11 by the end of the current calendar year.

Core Scientific releases production and operations updates for September 2023

Bitmain to supply Core Scientific with 27,000 bitcoin miners and invest $53.9 million in the company

Celsius Mining to acquire Core Scientific's Bitcoin mining data center site for $14 million, settling all existing litigation. The site includes 215 MW of power and buildings under construction. Celsius plans to expand its Texas data centers and remain one of the largest Bitcoin producers in North America. U.S. Bitcoin Corp will manage the construction of the facility. The transaction is subject to bankruptcy court approval.