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

Huoxun Finance News, October 16, Reuters reported that the board of directors of crypto mining company CoreScientific urged shareholders on Wednesday to vote in favor of its proposal to sell it to CoreWeave, as the company expects the transaction to bring multiple benefits. In July of this year, CoreWeave announced its intention to acquire CoreScientific in an all-stock transaction with a transaction value of approximately US$9 billion, corresponding to a valuation of US$20.4 per share. However, the proposed transaction was opposed by TwoSeasCapital, the largest shareholder of the crypto mining company. The board of directors of CoreScientific said in an investor presentation on Wednesday that it had "unanimously determined" that the transaction was the best option for all shareholders. The presentation pointed out that the merged company will benefit from a number of potential cost savings and synergies, while reducing CoreScientific's growth risks and bringing upside potential to its shareholders.