Core Scientific Board Urges Shareholders to Support CoreWeave Acquisition Deal

The board of cryptocurrency mining company Core Scientific (CORZ.O) is urging shareholders to vote in favor of its proposed deal to sell the company to AI infrastructure firm CoreWeave (CRWV.O). The transaction is structured as an all-stock deal, valued at approximately $9 billion, equivalent to $20.40 per share. However, Core Scientific's largest shareholder, Two Seas Capital, which holds about 6.3% of the shares, opposes the deal, arguing that it "severely undervalues" the company's actual worth. In its latest investor presentation, the board stated that the deal has been unanimously identified as the best option for all shareholders, with expectations that the merger will achieve cost savings and synergies while reducing Core Scientific's growth risks.