Two Seas Capital Files Definitive Proxy Statement and Issues Letter to Core Scientific Shareholders Urging Them to Vote AGAINST Company's Proposed Sale to CoreWeave
Two Seas Capital LP, the largest active shareholder of Core Scientific (NASDAQ: CORZ), has filed a definitive proxy statement opposing the company's proposed sale to CoreWeave (NASDAQ: CRWV). The investment firm is urging shareholders to vote AGAINST the transaction announced on July 7, 2025.
Two Seas criticizes the deal on multiple fronts: the valuation is deemed inadequate, the structure is considered deficient, and the process was flawed as no other parties were contacted. The market's reaction was notably negative, with CORZ stock plunging 18% on the announcement day. Two Seas argues that CoreWeave's stock, which had appreciated over 300% in just months before the deal, is being used as currency in a transaction that undervalues Core Scientific's potential in the AI data center market.
The firm particularly criticizes the immediate executive benefits, including accelerated vesting and excise tax reimbursement, while shareholders are deprived of long-term value in the AI infrastructure sector.
Two Seas Capital LP, il più grande azionista attivo di Core Scientific (NASDAQ: CORZ), ha presentato una dichiarazione proxy definitiva che si oppone alla vendita proposta della società a CoreWeave (NASDAQ: CRWV). La società di investimento esorta gli azionisti a votare contro la transazione annunciata il 7 luglio 2025.
Two Seas critica l'accordo su molteplici fronti: la valutazione è considerata inadeguata, la struttura è ritenuta difettosa e il processo è stato imperfetto poiché non sono stati contattati altri soggetti. La reazione del mercato è stata notevolmente negativa, con il titolo CORZ in calo dell’18% nel giorno dell’annuncio. Two Seas sostiene che le azioni di CoreWeave, che avevano registrato un aumento superiore al 300% nei mesi precedenti all’accordo, vengano utilizzate come valuta in una transazione che svaluta il potenziale di Core Scientific nel mercato dei data center AI.
La società critica in particolare i benefici esecutivi immediati, tra cui la vesting accelerata e il rimborso delle tasse di excise, mentre agli azionisti viene negato un valore a lungo termine nel settore dell’infrastruttura AI.
Two Seas Capital LP, el mayor accionista activo de Core Scientific (NASDAQ: CORZ), ha presentado un documento de proxy definitivo oponiéndose a la venta propuesta de la compañía a CoreWeave (NASDAQ: CRWV). La firma de inversión insta a los accionistas a votar EN CONTRA la transacción anunciada el 7 de julio de 2025.
Two Seas critica el acuerdo en varios frentes: la valoración se considera inadecuada, la estructura es deficiente y el proceso fue defectuoso al no contactarse a otras partes. La reacción del mercado fue notablemente negativa, con las acciones de CORZ cayendo un 18% el día del anuncio. Two Seas argumenta que las acciones de CoreWeave, que habían apreciado más de 300% meses antes del acuerdo, se usan como moneda en una transacción que infravalora el potencial de Core Scientific en el mercado de centros de datos de IA.
La firma critica especialmente los beneficios ejecutivos inmediatos, incluido el vesting acelerado y el reembolso de impuestos de excise, mientras que los accionistas se quedan sin valor a largo plazo en el sector de la infraestructura de IA.
Two Seas Capital LP은 Core Scientific (NASDAQ: CORZ)의 최대 적극적 주주로서 CoreWeave (NASDAQ: CRWV)에 대한 회사의 제안 매각에 반대하는 확정 위임장 진술서를 제출했습니다. 이 투자 회사는 2025년 7월 7일 발표된 거래에 대해 주주들에게 반대표를 행사하라고 촉구하고 있습니다.
Two Seas는 평가가 불충분하고 구조가 불충하며 다른 당사자와의 접촉이 없었다는 점에서 거래를 다각도로 비판합니다. 발표일에 CORZ 주가가 18%나 급락하는 등 시장의 반응은 상당히 부정적이었습니다. 발표 직전 몇 달 동안 300% 이상 상승했던 CoreWeave의 주가가 거래의 통화로 사용되어 Core Scientific의 AI 데이터 센터 시장 잠재력을 저평가하고 있다고 주장합니다.
특히 즉시 지급되는 경영진 혜택(가속 vesting 및 excise 세금 환급 포함)을 비난하며, 주주들이 AI 인프라 부문에서의 장기 가치를 잃고 있다고 지적합니다.
Two Seas Capital LP, le plus grand actionnaire actif de Core Scientific (NASDAQ: CORZ), a déposé une déclaration de procuration définitive s’opposant à la vente proposée de la société à CoreWeave (NASDAQ: CRWV). La société d’investissement invite les actionnaires à voter CONTRE la transaction annoncée le 7 juillet 2025.
Two Seas critique l’accord sur plusieurs points: la valorisation est jugée insuffisante, la structure est considérée comme défectueuse et le processus a été entaché d’un manque de consultation avec d’autres parties. La réaction du marché a été fortement négative, les actions CORZ chutant de 18% le jour de l’annonce. Two Seas affirme que les actions de CoreWeave, qui avaient augmenté de plus de 300% dans les mois précédents l’accord, sont utilisées comme monnaie dans une transaction qui sous-évalue le potentiel de Core Scientific sur le marché des data centers IA.
La firme critique particulièrement les avantages exécutifs immédiats, notamment la vesting accéléré et le remboursement des taxes d’excise, tandis que les actionnaires se voient privés d’une valeur à long terme dans le secteur des infrastructures IA.
Two Seas Capital LP, der größte aktive Aktionär von Core Scientific (NASDAQ: CORZ), hat eine endgültige Proxy-Erklärung eingereicht, die den vorgeschlagenen Verkauf des Unternehmens an CoreWeave (NASDAQ: CRWV) ablehnt. Die Investmentfirma fordert die Aktionäre auf, bei der am 7. Juli 2025 angekündigten Transaktion mit NEIN zu stimmen.
Two Seas kritisiert das Geschäft in mehreren Punkten: Die Bewertung sei unangemessen, die Struktur fehlerhaft und der Prozess sei mangelhaft gewesen, da keine anderen Parteien kontaktiert wurden. Die Marktreaktion war deutlich negativ, da CORZ-Aktien am Ankündigungstag um 18 % einbrachen. Two Seas argumentiert, dass CoreWeave-Aktien, die in den Monaten vor dem Deal um über 300 % gestiegen waren, als Währung in einer Transaktion verwendet würden, die das Potenzial von Core Scientific im AI-Rechenzentrum-Markt unterbewertet.
Das Unternehmen kritisiert insbesondere die unmittelbaren Vorstandsleistungen, einschließlich beschleunigter Vesting-Optionen und Erstattung der Excise-Steuern, während Aktionäre langfristigen Wert im Bereich der AI-Infrastruktur vermissen würden.
Two Seas Capital LP، أكبر مساهم نشط في Core Scientific (NASDAQ: CORZ)، قدم بيان تفويض نهائي يعارض البيع المقترح للشركة إلى CoreWeave (NASDAQ: CRWV). تدعو شركة الاستثمار المساهمين إلى التصويت ضد الصفقة المعلنة في 7 يوليو 2025.
ينتقد Two Seas الصفقة من عدة جوانب: التقييم غير كاف، الهيكلية ضعيفة، والعملية شابها نقص في التواصل مع أطراف أخرى. كان رد فعل السوق سلبيًا بشكل ملحوظ، حيث هوت أسهم CORZ بنسبة 18% في يوم الإعلان. يجادل Two Seas بأن أسهم CoreWeave، التي زادت بأكثر من 300% خلال شهور فقط قبل الصفقة، تُستخدم كعملة في صفقة تقلل من قيمة إمكانات Core Scientific في سوق مراكز البيانات القائمة على الذكاء الاصطناعي.
تنتقد الشركة بشكل خاص المنافع التنفيذية الفورية، بما في ذلك الاستحقاق المتسارع وتعويض ضرائب الإكزيلس، بينما يحرم المساهمون من قيمة طويلة الأجل في قطاع بنية AI التحتية.
Two Seas Capital LP，作为 Core Scientific（纳斯达克：CORZ）的最大主动股东，已提交一份定于生效的代理声明，反对公司对 CoreWeave（纳斯达克：CRWV） 的拟议出售。该投资公司敦促股东投票反对于2025年7月7日宣布的交易。
Two Seas 在多方面对交易提出批评：估值被认为不足，结构被认为有缺陷，且在未联系其他方的情况下就完成了交易。市场反应显著偏负，宣布日 CORZ 股价下跌 18%。Two Seas 认为在交易前几个月就上涨超过 300% 的 CoreWeave 股价被用作交易货币，从而低估了 Core Scientific 在 AI 数据中心市场的潜力。
该公司特别批评了即时的高管福利，包括加速归属权和征税豁免补偿，同时股东在 AI 基础设施领域的长期价值被剥夺。
- Core Scientific has significant scale and ready access to low-cost power and data center talent
- Company is well-positioned in the high-performance computing infrastructure market
- Strategic merit exists in the potential combination with CoreWeave
- Company is currently cash-flow producing in the AI landscape
- 18% stock price drop on merger announcement day
- No competitive bidding process was conducted
- Deal structure exposes shareholders to CoreWeave's volatile stock
- CoreWeave's stock has fallen significantly since deal announcement
- Executive windfall through immediate vesting and tax reimbursements potentially misaligns interests
Insights
Two Seas Capital opposes Core Scientific's sale to CoreWeave, citing undervaluation and poor deal structure while urging shareholders to vote against the transaction.
A significant shareholder revolt is unfolding at Core Scientific, with Two Seas Capital (the company's largest active shareholder) formally opposing the proposed acquisition by CoreWeave. The resistance centers on three critical dealbreaking flaws: inadequate valuation, deficient structure, and a fundamentally flawed process.
The market's initial reaction validates these concerns, with Core Scientific's stock plummeting
Two Seas raises serious governance questions about the board's failure to conduct a proper market check by not contacting other potential buyers, effectively rushing into an exclusive negotiation that potentially left significant shareholder value on the table. The shareholder letter highlights a troubling conflict of interest where Core Scientific executives receive accelerated vesting and tax benefits while shareholders miss out on long-term appreciation in a rapidly evolving AI infrastructure market.
Most concerning is the all-stock transaction structure that fully exposes Core Scientific shareholders to CoreWeave's volatility without adequate compensation for this risk. CoreWeave's stock has shown extreme price swings, appreciating
This proxy fight represents a critical test of shareholder rights and board accountability in M&A transactions, especially in the rapidly evolving AI infrastructure sector where company valuations can change dramatically in short timeframes. Two Seas is sending shareholders a GOLD proxy card to facilitate voting against the transaction at the upcoming shareholder meeting.
The opposition from Two Seas Capital highlights significant financial concerns about the CoreWeave acquisition. The proxy battle centers on valuation misalignment in a rapidly appreciating sector, where comparable companies have seen substantial valuation increases while Core Scientific shareholders would be locked into an unfavorable exchange ratio.
The all-stock transaction structure creates asymmetric risk: Core Scientific shareholders receive no cash component that would provide downside protection, while fully absorbing CoreWeave's stock volatility. Particularly troubling is the lack of a collar provision that would adjust the exchange ratio if CoreWeave's stock price falls below certain thresholds - a standard protection in volatile sectors.
Two Seas' criticism that CoreWeave's stock had appreciated
The absence of a competitive bidding process is particularly problematic from a financial standpoint. Without soliciting alternative bids, the board failed to establish crucial market-based price discovery that could have potentially driven a premium considerably higher than the current offer.
For minority shareholders, this proxy contest represents a critical opportunity to reject what appears to be an opportunistic acquisition that would transfer significant value from Core Scientific shareholders to CoreWeave. The strong market reaction, unusual executive compensation arrangements, and sector-wide appreciation of comparable assets all suggest this transaction significantly undervalues Core Scientific's future potential in the AI infrastructure market.
Two Seas also issued the following letter to fellow Core Scientific shareholders explaining its opposition to the transaction at the proposed terms, including an inadequate valuation, a deficient structure and a flawed process, and urging CORZ shareholders to vote AGAINST this transaction on the GOLD proxy card so that they can realize full and fair value for their investment in the Company.
Dear Fellow Core Scientific Shareholders:
As long-standing investors in Core Scientific, Inc. (the "Company") and the largest owner outside of the index funds, we are enthusiastic about the Company's prospects. Core Scientific is uniquely positioned to capitalize on the significant demand for high-performance computing infrastructure given its significant scale, ready access to low-cost power and data center talent, and we are not surprised that the Company has, again, attracted buyout interest from its main customer, CoreWeave, Inc. ("CoreWeave"). However, we were gravely disappointed that the Core Scientific Board agreed to sell the Company to CoreWeave, without even contacting other parties, for an extremely low price and in a structure that fully exposes Core Scientific shareholders to CoreWeave's highly volatile stock.
We are not alone. The market reaction to this mispriced and poorly structured deal was swift and negative. Core Scientific stock plunged
We intend to vote AGAINST this transaction and urge you to do the same.
We are delivering to you today a proxy statement that describes myriad reasons why this transaction is not in the best interest of Core Scientific shareholders. We encourage you to review it and vote with us on the enclosed GOLD proxy card.
All that said, we recognize and appreciate the value that CoreWeave sees in Core Scientific. Indeed, we agree there is strategic merit to the combination. However, we believe there is no reason for Core Scientific shareholders to support this transaction at this exchange ratio and with this structure. Core Scientific's future remains far too bright. With recent commercial transactions in the sector driving significant value appreciation for Core Scientific's peers, it is obvious to us that Core Scientific stock would be much higher than it is today were it not for the merger overhang.
CoreWeave is attempting to acquire Core Scientific at a valuation that does not reflect the Company's potential, using a currency (CoreWeave stock) that had appreciated more than
The Core Scientific Board should never have agreed to this deal. The Company's executives were as bullish as we are on the Company's standalone prospects, at least until the deal granted them a massive, near-term windfall. Those executives will benefit from immediate vesting (at generous levels) and reimbursement of excise taxes upon close. Effectively, they are guaranteed today all the benefits they would receive over time if a standalone Core Scientific executed well on its strategic plan, while we, as shareholders, are not.
Core Scientific's standalone future and our opportunity to benefit from it are being cut short by this transaction. We are being deprived of the benefits of owning one of the best positioned, cash-flow producing assets in the artificial intelligence landscape. CoreWeave can and should pay more. Otherwise, we are happy to continue to own this great company as it grows and benefits for many years to come from the wave of data center demand being driven by the global AI revolution.
Please read the enclosed materials and vote with us — AGAINST this transaction on the GOLD proxy card — so that we can all realize a fair value for our investment in Core Scientific.
Sincerely,
Sina Toussi
Founder, President and Chief Investment Officer
Two Seas Capital LP
If you have any questions or require any assistance with voting your shares, please call our proxy solicitor:
Innisfree M&A Incorporated
Shareholders: (877) 687-1865 (toll-free from the
or (412) 232-3651 (from other countries)
Banks and brokers may call collect: (212) 750-5833
About Two Seas Capital LP
Two Seas, founded in 2020 and led by Chief Investment Officer Sina Toussi, specializes in event-driven investing anchored by rigorous fundamental research and a targeted focus on special situations. With approximately
Media Contacts
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Disclaimer
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Core Scientific or CoreWeave will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide investment advice.
This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "plans", "will be" and similar expressions. Although Two Seas believes that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Two Seas, Core Scientific or CoreWeave—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in Core Scientific and CoreWeave's respective public filings with the
Funds and investment vehicles (collectively, the "Two Seas Funds") managed by Two Seas currently beneficially own shares of Core Scientific and CoreWeave. The Two Seas Funds are in the business of trading (i.e., buying and selling) securities and intend to continue trading in the securities of Core Scientific and CoreWeave. You should assume the Two Seas Funds will from time to time sell all or a portion of their holdings of Core Scientific and/or CoreWeave in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Two Seas' beneficial ownership of shares of, and/or economic interest in, Core Scientific and/or CoreWeave may vary over time depending on various factors, with or without regard to Two Seas' views of the Pending Transaction or Core Scientific and/or CoreWeave's respective businesses, prospects, or valuations (including the market price of Core Scientific and/or CoreWeave shares), including, without limitation, other investment opportunities available to Two Seas, concentration of positions in the portfolios managed by Two Seas, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in Core Scientific and/or CoreWeave's respective share prices on or following the date hereof, the Two Seas Funds may buy additional shares or sell all or a portion of their holdings of Core Scientific and/or CoreWeave (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments). Two Seas also reserves the right to change the opinions expressed herein and its intentions with respect to its investments in Core Scientific and CoreWeave, and to take any actions with respect to its investments in Core Scientific and CoreWeave as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.
Important Information
Two Seas, Two Seas Capital GP LLC ("Two Seas GP"), and Sina Toussi ("Mr. Toussi" and, together with Two Seas and Two Seas GP, the "Participants") have filed a definitive proxy statement and accompanying GOLD proxy card (the "Proxy Statement") with the SEC to be used to solicit proxies for votes against the proposed acquisition of Core Scientific by CoreWeave at the upcoming special meeting of the Company's shareholders. THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION REGARDING THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT AND INDIRECT INTERESTS BY SECURITY HOLDINGS OR OTHERWISE. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.
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SOURCE Two Seas Capital
FAQ
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