Shareholders of Core Scientific will receive 60% of the new capital, allowing the company to fully repay its debts to them. Both shareholders and company management have reached an agreement on the distribution of securities.
Core Scientific is confident that the reorganization will not only allow it to continue operating in the mining market but also improve its market position. By 2027, the company plans to increase its number of cryptocurrency mining devices to 336,000.
Core Scientific has set ambitious financial goals, aiming to achieve a profit of $583 million by the end of this year and $968 million by 2027.
In the fall of 2022, Core Scientific reported significant losses amounting to $434 million. At that time, the company expressed concerns about its ability to sustain its operations without additional liquidity. Consequently, it filed for financial insolvency under Chapter 11 of the US Bankruptcy Code in December of the same year. Fortunately, lenders agreed to provide Core Scientific with $37.5 million to ensure its continued operations.
In other news, Marathon Digital, another mining company, achieved a new monthly record by mining 1,853 bitcoins in December 2023.