Business
Core Scientific Enhances Liquidity through $100 million Committed Equity Facility
Provides the right, without the obligation, to sell up to $100 million of its common stock over 24 months to B. Riley Principal Capital at Core Scientific’s
About this update from Core Scientific, Inc.
[{"type":"text","content":"\n\nProvides the right, without the obligation, to sell up to $100 million of its common stock over 24 months to B. Riley Principal Capital at Core Scientific’s discretion, subject to certain limitations\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ) (\"Core Scientific\" or “the Company”), a leader in high-performance blockchain data centers and software solutions, today announced it entered into a $100 million common stock purchase agreement with B. Riley Principal Capital II, LLC (“B. Riley”).\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220721005374/en/Core Scientific is one of the largest publicly traded blockchain data center providers and miners of digital assets in North America. (Graphic: Business Wire)\n“Securing access to additional capital during adverse market conditions enhances our liquidity and expands our strategic optionality,” said Mike Levitt, Core Scientific Chief Executive Officer. “We continue to strengthen our balance sheet and streamline our operations as we remain focused on expanding our capacity for self-mining and colocation services. This Committed Equity Facility with B. Riley is an important additional funding source that will help us grow and create shareholder value.”\n\nUnder the agreement, Core Scientific has the right, without obligation, to sell and issue up to $100 million of shares of its common stock to B. Riley, subject to certain limitations and satisfaction of certain conditions. Purchase notices may be issued to B. Riley over a 24-month period. Core Scientific issued B. Riley 573,381 shares of common stock as consideration for B. Riley’s commitment to purchase Core Scientific common stock under the purchase agreement. Further details will be contained in a Current Report on Form 8-K Core Scientific will file with the Securities and Exchange Commission.\n\nABOUT CORE SCIENTIFIC\n\nCore Scientific is one of the largest publicly traded blockchain data center providers and miners of digital assets in North America. Core Scientific has operated blockchain data centers in North America since 2017, using its facilities and intellectual property portfolio for colocated digital asset mining and self-mining. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Te...