Core Scientific Strengthens Balance Sheet and Supports Growth Plans with Proceeds from Recent Convertible Notes Offering
-
Repays
$267 million in debt, reducing interest rate from approximately 12.5% to 3% - Removes restrictive covenants associated with certain notes
- Increases cash on hand to fund site acquisitions for HPC hosting growth
The Company repaid
“Our recent convertible note issue represents another key step in our commitment to strengthen our balance sheet and position
About
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “intend,” “will,” “expect,” “anticipate” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements include, but are not limited to, statements regarding the use of the proceeds from the offering of convertible senior notes to expand our HPC hosting business and strengthen our bitcoin mining business and Core Scientific’s ability to create significant shareholder value. Forward-looking statements represent Core Scientific’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Core Scientific’s common stock and risks relating to Core Scientific’s business, including those described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the
These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those identified in the Company’s reports filed with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240820992654/en/
Investors:
ir@corescientific.com
Media:
press@corescientific.com
Source: