Core Scientific to Exit Bankruptcy, Re-list Shares on Nasdaq

Court-approved reorganization plan includes equitization of $400 million in claims and a decrease in annual debt service by $60 million.

Core Scientific, a blockchain infrastructure and hosting provider, has received court approval to exit Chapter 11 bankruptcy and re-list its shares on the Nasdaq later this month.
The company filed for bankruptcy in December 2022 after struggling to generate enough revenue to cover debt obligations.
The approved reorganization plan includes the equitization of about $400 million in secured and unsecured claims, and a decrease in annual debt service by roughly $60 million.
Core Scientific has secured financing via an oversubscribed $55 million equity rights offering.
The company plans to emerge from bankruptcy on Jan. 23 and re-list its shares on Nasdaq the following day.