Crypto News – After declaring bankruptcy in 2022, Texas-based Bitcoin mining company Core Scientific announced that it would return to Nasdaq and start trading again on Wednesday.
Core Scientific Reorganization: Bitcoin Miner to Continue Trading on Nasdaq
In a statement released on Tuesday, the firm stated that it was able to reduce $400 million in debt by turning the debt owed by equipment lenders and holders of convertible notes into equity through its restructuring plan. According to Core Scientific, the strategy could also use available cash to pay down debt, in addition to investors exercising eligible warrants and converting any remaining convertible debt.
We are poised to execute our pragmatic growth plan, continue preparing for the coming halving, and create value by transforming energy into high value compute for bitcoin mining and other potential applications,
Adam Sullivan, chief executive officer of Core Scientific
Core Scientific Filed for Bankruptcy at the End of 2022
The company filed for Chapter 11 bankruptcy protection in December 2022 as a result of a string of market failures and drops in cryptocurrency prices. But in order to deploy more Bitcoin miners, Core Scientific, which runs 724-megawatt mining sites across five U.S. states, expects to boost the overall mining capacity by more than 50% over the course of the next four years.
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