Update: Core Scientific Shareholder Two Seas Capital Opposes Planned Sale to CoreWeave

MT Newswires Live
09/29

(Updates with CoreWeave's reply in the fifth paragraph, updates stock moves in the last paragraph.)

Core Scientific's (CORZ) shareholder Two Seas Capital said Monday it has filed a definitive proxy statement with the US Securities and Exchange Commission regarding its opposition to the company's planned sale to CoreWeave (CRWV).

Two Seas also issued a letter to Core Scientific shareholders explaining its opposition to the deal under the planned terms, which include "an inadequate valuation, a deficient structure and a flawed process."

The investment firm said it is urging Core Scientific shareholders to vote against the deal.

Two Seas said there is "strategic merit" to the merger of Core Scientific and CoreWeave but "there is no reason for Core Scientific shareholders to support this transaction at this exchange ratio and with this structure."

CoreWeave declined to comment in reply to a request sent by MT Newswires.

Core Scientific didn't immediately respond to a request for comment by MT Newswires.

Core Scientific shares were up 2.3% in recent trading, and CoreWeave was up 3%.

Price: 17.27, Change: +0.41, Percent Change: +2.46

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