The offering was oversubscribed, and excess capital will be returned to investors.
Bitcoin (BTC) miner Core Scientific has closed a $55-million equity financing round as it returns to solvency.
According to the Jan. 8 announcement, the $55-million equity offering expired last week and was oversubscribed. “As a result of this successful raise, and following full repayment of previously drawn amounts on our DIP [debtor-in-possession] financing, we are set to emerge from Chapter 11 in January with enhanced liquidity and in a strong position to continue executing our growth plans,” said Core Scientific CEO Adam Sullivan.
In its most recent financial statement, dated November 2023, the company disclosed $2.3 billion in assets and $559 million in liabilities for a total equity of $1.8 billion. The company plans to relist on the Nasdaq exchange after bankruptcy proceedings are finalized.
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Source: https://cointelegraph.com/news/bitcoin-miner-core-scientific-completes-55-million-equity-offering