Data Analytics

Core Scientific to Begin Trading on Nasdaq

Core Scientific

Core Scientific, Inc. common stock and warrants to begin trading on the Nasdaq Stock Market under symbols “CORZ” and “CORZW” on January 20, 2022

Core Scientific, Inc. (NASDAQ: CORZ)(“Core Scientific” or “the Company”), a leader in high-performance, net carbon neutral blockchain infrastructure and software solutions, today announced it has completed its previously announced business combination (the “Transaction”) with Power & Digital Infrastructure Acquisition Corp. (“XPDI”) (NASDAQ: XPDI). The resulting company is named Core Scientific, Inc.

The Transaction was unanimously approved by XPDI’s Board of Directors and was approved at a special meeting of XPDI stockholders held yesterday. Redemptions totaled 36% of the XPDI Class A common shares eligible to redeem, representing 29% of total shares outstanding. The ticker symbols for Core Scientific’s common stock and warrants will be “CORZ” and “CORZW”, respectively, and will begin trading on the Nasdaq Stock Market today, January 20, 2022.

As of year-end 2021, Core Scientific operated a self-mining fleet of approximately 67,000 state-of-the-art ASICs (6.6 EH/s) and over 80,000 ASICs (6.9 EH/s) for third-party hosting clients. Core Scientific mined for its own account 1,044 bitcoins in December and 2,498 bitcoins in the fourth quarter of 2021. At the end of 2021, Core Scientific held nearly 5,300 bitcoins on its balance sheet.

“Entering the public markets represents a significant milestone in Core Scientific’s evolution, yet we are even more excited about the future opportunities for value creation,” said Mike Levitt, Core Scientific’s Co-Chairman and Chief Executive Officer. “As one of the largest publicly-traded blockchain infrastructure providers and digital asset miners in North America, we are focused on growing our capacity, defending and securing the blockchain ecosystem and building long-term shareholder value.”

TRANSACTION OVERVIEW

The Transaction provides gross proceeds of approximately $222 million from the XPDI trust account, resulting in approximately $190 million in net cash proceeds to Core Scientific, after the payment of transaction expenses. As a result of the Transaction, former Core Scientific stockholders own 90.7%, former XPDI public stockholders own 6.7% and XPDI’s sponsor owns 2.6% of the issued and outstanding shares of common stock, respectively, of the Company, excluding the impact of unvested restricted stock units and options. The proceeds from the Transaction will be used to fund mining equipment purchases and infrastructure build-out as the Company expands its leadership position. A more detailed description of the Transaction can be found in a current report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”) and available at www.sec.gov, as well as XPDI’s previous filings with the SEC.

For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.

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