Core Scientific's board urges shareholders to vote in favor of CoreWeave's acquisition deal

Jinse Finance reported that the board of directors of cryptocurrency mining company Core Scientific (CORZ.O) is urging shareholders to vote in favor of the company’s proposed deal to sell to AI infrastructure company CoreWeave (CRWV.O), believing the transaction will bring multiple benefits to the company. In July, CoreWeave announced plans to acquire Core Scientific in an all-stock deal valued at approximately $9 billion, with a valuation of $20.40 per share. However, the deal has been opposed by Core Scientific’s largest shareholder, Two Seas Capital, which holds about 6.3% of the shares and claims the transaction “seriously undervalues” the cryptocurrency mining company. In an investor presentation on Wednesday, Core Scientific’s board stated it had “unanimously determined” that the deal represents the best option for all shareholders. The board said the merged company would benefit from multiple potential cost savings and synergies, while also reducing Core Scientific’s growth risks.