One of the leading Bitcoin mining firms, Core Scientific, has officially announced that it will be exiting bankruptcy and will relist shares in the United States as well.
As per the firm’s statement, it will be relisting its “CORZ” shares on the Nasdaq after a 13-month restructuring journey. The bankruptcy court for the Southern District of Texas has confirmed the emergence.
Emergence of Core Scientific
Core Scientific stated on January 16 that it has currently set January 23 as its emergence date and plans to re-list on Nasdaq by the end of January 2024.
The Bankruptcy Court has confirmed our Chapter 11 plan of reorganization. The Bankruptcy Court's approval of our plan clears the way for Core Scientific to emerge and re-list on Nasdaq by the end of January 2024!
— Core Scientific (@Core_Scientific) January 16, 2024
Under current Chapter 11 plans, the Bitcoin mining firm noted that the existing shareholders will retain over 60% of Core Scientific’s shares.
As per the company’s restructuring plans, Core Scientific will also cut down millions of dollars in debt from its balance sheet while providing a “full recovery” to the creditors of all classes.
Further, United States Bankruptcy Judge Christopher Lopez noted in a hearing that the bankruptcy plan “provides a tremendous recovery for both unsecured creditors and also equity holders.” The Bitcoin miner also expects to reserve close to 240 jobs at the firm.
Core Scientific CEO Weighs In
Core Scientific CEO Adam Sullivan added that the “confirmation is a defining moment in our reorganization; we’re poised to emerge by the end of this month as an even stronger company, with a highly motivated team that is aligned for success,” while adding:
“With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating value for our shareholders as we execute our growth plan, de-lever our balance sheet and deliver superior efficiency at scale.”
Production of Bitcoin
It is important to note that Core Scientific is one of the leading Bitcoin miners in the United States and produced over 13,700 self-mined Bitcoin and 5,500 BTC from co-located miners in 2023.
The company hired Adam Sullivan as its new chief executive officer on August 4, replacing Mike Levitt, the co-founder and previous CEO.