Core Scientific trades debt for equity, reduces $260M debt load

Bitcoin miner Core Scientific has announced the mandatory conversion of its outstanding secured convertible notes due in 2029.

The mandatory conversion was triggered on July 5, when the trading price of Core’s stock, based on the daily volume weighted average price , stayed above $2.1 billion for 20 consecutive trading days. The notes will convert into common stock on July 10. Holders will receive shares based on a conversion price and cash for any partial shares they are entitled to.

As of this writing, Core's shares trade at $10.14 on the Nasdaq, down 1.5%. In the past six months, however, the stock has gained 194.2%.emerged from bankruptcy Under the plan, noteholders received $1.201 per $1 face value for notes due in August and $1.628 per $1 face value for convertible notes due in April.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Mining Sector Is Attracting Growing Investor Interest Following Core Scientific Deal: JPMorganWill Canny is CoinDesk's finance reporter.
Source: CoinDesk - 🏆 291. / 63 Read more »

Investor interest surges for bitcoin miners following Core Scientific AI hosting deal: JP MorganAI hosting opportunities have driven a $4 billion increase in the aggregate market cap of bitcoin miners, according to a JP Morgan report.
Source: TheBlock__ - 🏆 464. / 53 Read more »