Core Scientific Converts $260M of Convertible Notes into Equity

IconCryptoNewsTerminal Staff08 Jul, 2024

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Core Scientific Converts $260M of Convertible Notes into Equity

Core Scientific (Nasdaq: CORZ) has converted approximately $260 million worth of convertible notes into equity. The crypto miner will convert approximately 45 million shares of its common stock for the convertible notes. The convertible notes carry interest options of 10% per year paid entirely in cash or 6% per year in cash plus 6% per year in shares. Core Scientific filed for bankruptcy in 2022 and re-emerged on Nasdaq in late January after it successfully reorganized. “This conversion marks the continued progress of Core Scientific since emerging from bankruptcy earlier this year,” said Core Scientific CEO Adam Sullivan.

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