US Bitcoin mining company Core Scientific announced on Tuesday (16th) that its bankruptcy restructuring plan has been approved by the court and is expected to relist on the Nasdaq Stock Exchange at the end of this month.
According to a press release, under the restructuring plan, Core Scientific will fully repay existing debts, and existing shareholders will receive approximately 60% equity in the new company. CEO of Core Scientific, Adam Sullivan, stated that before the approval of the restructuring plan, the company had completed the proposed $55 million equity issuance earlier this month, which was one of the final steps for the mining enterprise to complete the restructuring.
Based on Bitcoin’s computing power, Core Scientific was the largest Bitcoin mining company during the peak of the cryptocurrency bull market in 2021. However, Core Scientific filed for bankruptcy protection on December 21, 2022, when the price of Bitcoin had dropped to $16,000.
According to a report released in December last year, Core Scientific expects to have 182,000 mining machines for its own operation this year, which will increase to nearly 1.1 million by 2027. The mining company also expects its annual revenue to reach nearly $600 million in 2024 and nearly $1 billion by 2027.
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Related report: “Bitmain agrees to invest $53.9 million in North American mining company Core Scientific.”
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