Core Scientific Files Registration Statement for Shares Held by Existing Shareholders
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From the perspective of a market research analyst, the registration of 10.8 million shares held by existing shareholders of Core Scientific, a prominent bitcoin mining company, suggests a potentially increased liquidity in the stock. While the company itself isn't offering new shares or receiving proceeds, this event can have implications for the stock's volatility. Investors may interpret the filing as a sign that major shareholders are considering reducing their positions, which could lead to a near-term dip in share price. On the other hand, it could also invite new institutional investors looking for an entry point, which might stabilize or even increase the stock's value in the long-term.
A financial analyst would closely examine the impact of the registration statement on Core Scientific's market capitalization and shareholder composition. Given the company's total share count of 177.6 million, the registration of 10.8 million shares represents approximately 6% of the total shares outstanding. This is a substantial portion of the company's equity and, depending on the timing and manner of the sales, could lead to significant market movements. The analyst would also assess the shareholders' confidence in the company's future performance, as the decision to sell or hold shares may reflect their expectations of the company's profitability in the volatile cryptocurrency market.
As a legal expert, it’s important to note the procedural aspects of the registration statement filed by Core Scientific. It's important for the company to comply with SEC regulations, ensuring that all sales of securities are properly registered unless an exemption applies. This move also indicates transparency in the company's dealings with existing shareholders, which can be a positive signal to the market. The effectiveness of the registration statement and compliance with local jurisdiction laws will determine the timing and manner in which these shares are ultimately sold.
- The 10.8 million shares associated with registration statement are included in Core Scientific’s 177.6 million total current share count as of April 11, 2024
The Company is not selling any shares of common stock being offered by the registration statement and will not receive any of the proceeds from any sale of such shares by any selling shareholders. The registration statement has been filed with the SEC but is not yet effective. The securities registered under the registration statement may not be sold, nor may offers to buy be accepted prior to the time the registration statement is declared effective.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A copy of the prospectus relating to the offering, when available, may be obtained from the Company at investors.corescientific.com.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest bitcoin miners and hosting solutions providers for bitcoin mining in
FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include, but are not limited to, the following: risks and uncertainties relating to the Company’s ability to achieve significant cash flows from operations; the effects of the emergence from the Company’s chapter 11 cases on the Company’s liquidity, results of operations and business; the trading price and volatility of the Company’s common stock; the comparability of the Company’s post-emergence financial results to its historical results and the projections filed with the bankruptcy court in the Company’s chapter 11 cases; changes in the Company’s business strategy and performance, including as a result of changes to the Company’s board of directors or management; the possibility that the Company may be unable to achieve its business and strategic goals; the Company’s post-bankruptcy capital structure; attraction and retention of key personnel; the Company’s ability to achieve expected benefits from restructuring activities; restrictions on the Company’s operations contained in the agreements governing the Company’s indebtedness; the Company’s ability to generate sufficient cash to reduce its indebtedness and its potential need and ability to incur further indebtedness; the impact of the halving event; actions taken by third parties, including the Company’s creditors and other stakeholders, as well as other risk factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those identified in the Company’s reports filed with the
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Source: Core Scientific, Inc.
FAQ
How many shares are included in Core Scientific's registration statement?
Is Core Scientific selling any shares in the registration statement?
Will Core Scientific receive any proceeds from the sale of shares by existing shareholders?
Where can a copy of the prospectus relating to the offering be obtained?
