Core Scientific reorganization plan approved by bankruptcy court, plans to re-list in January

Crypto mining company Core Scientific said that the U.S. Bankruptcy Court for the Southern District of Texas has approved the company’s Chapter 11 reorganization plan. The bankruptcy court's approval of the plan clears the way for Core Scientific to relist on Nasdaq by the end of January 2024. Under the terms of the plan, shareholders (as of the expected record date of January 23, 2024) will receive new shares of common stock and warrants representing approximately 60% of the company’s new capital stock. Assuming all applicable warrants are exercised for cash and the cash is used to repay debt, the company's existing debt will be paid in full, reducing its debt balance prior to the program by approximately $1 billion. (Businesswire) According to previous news, Core Scientific completed a US$55 million equity subscription issuance.