[DFAN14A] Core Scientific, Inc./tx SEC Filing
Two Seas Capital filed definitive additional proxy materials urging Core Scientific (NASDAQ: CORZ) shareholders to vote AGAINST the proposed sale to CoreWeave (NASDAQ: CRWV).
Two Seas cites the deal’s value of $16.40 per share and argues Core Scientific’s standalone prospects are stronger, highlighting low‑cost power, data center expertise, and a 700‑megawatt pipeline. The special meeting to vote on the transaction is scheduled for October 30, 2025. Two Seas states it is one of the largest shareholders and expresses confidence in management’s ability to expand hosting and HPC capacity.
Two Seas Capital ha presentato materiali probatori definitivi aggiuntivi sollecitando gli azionisti di Core Scientific (NASDAQ: CORZ) a votare CONTRO la proposta vendita a CoreWeave (NASDAQ: CRWV).
Two Seas cita il valore dell'accordo di $16,40 per azione e sostiene che le prospettive indipendenti di Core Scientific siano più robuste, evidenziando l'energia a basso costo, l'expertise nei data center e un pipeline da 700 megawatt. L'assemblea speciale per votare l'operazione è prevista per 30 ottobre 2025. Two Seas si presenta come uno dei maggiori azionisti e esprime fiducia nella capacità della direzione di espandere l'hosting e la capacità HPC.
Two Seas Capital presentó materiales definitivos adicionales de proxy instando a los accionistas de Core Scientific (NASDAQ: CORZ) a votar EN CONTRA de la venta propuesta a CoreWeave (NASDAQ: CRWV).
Two Seas cita el valor del acuerdo de $16.40 por acción y argumenta que las perspectivas independientes de Core Scientific son más fuertes, destacando energía de bajo costo, experiencia en centros de datos y una pipeline de 700 megavatios. La reunión especial para votar la operación está programada para el 30 de octubre de 2025. Two Seas afirma ser uno de los mayores accionistas y expresa confianza en la capacidad de la dirección para ampliar el hosting y la capacidad de HPC.
Two Seas Capital은 Core Scientific(NASDAQ: CORZ) 주주들에게 제안된 CoreWeave로의 매각에 반대하도록 촉구하는 정식 추가 위임장 자료를 제출했습니다(NASDAQ: CRWV).
Two Seas는 거래 가치를 주당 $16.40로 제시하고 Core Scientific의 독립적인 전망이 더 강하다고 주장하며 저렴한 에너지, 데이터 센터 전문 지식, 그리고 700메가와트 파이프라인을 강조합니다. 거래에 대한 투표를 위한 특별 회의는 2025년 10월 30일로 예정되어 있습니다. Two Seas는 자신이 최대 주주 중 하나이며 경영진이 호스팅 및 HPC 용량을 확장할 수 있는 능력에 자신감을 표명합니다.
Two Seas Capital a déposé des documents finaux supplémentaires de procuration exhortant les actionnaires de Core Scientific (NASDAQ: CORZ) à voter CONTRE la vente proposée à CoreWeave (NASDAQ: CRWV).
Two Seas évoque la valeur de l'accord de $16.40 par action et soutient que les perspectives autonomes de Core Scientific sont plus solides, en mettant en avant une énergie bon marché, l'expertise en centres de données et un pipeline de 700 mégawatts. La réunion spéciale pour voter sur l'opération est prévue pour le 30 octobre 2025. Two Seas déclare être l'un des plus grands actionnaires et exprime sa confiance dans la capacité de la direction à développer l'hébergement et la capacité HPC.
Two Seas Capital hat endgültige zusätzliche Proxy-Unterlagen eingereicht und Core Scientific (NASDAQ: CORZ) Aktionäre aufgefordert, GEGEN den vorgeschlagenen Verkauf an CoreWeave (NASDAQ: CRWV) zu stimmen.
Two Seas nennt den Wert des Deals von $16.40 pro Aktie und argumentiert, dass Core Sciences eigenständige Aussichten stärker sind, wobei niedrige Stromkosten, Datenzentrum-Expertise und eine 700-Megawatt-Pipeline hervorgehoben werden. Die Sondersitzung zur Abstimmung über die Transaktion ist für den 30. Oktober 2025 vorgesehen. Two Seas erklärt, einer der größten Aktionäre zu sein, und äußert Vertrauen in die Fähigkeit des Managements, Hosting- und HPC-Kapazitäten zu erweitern.
Two Seas Capital قد قدمت مواد وكالة إضافية حاسمة تشجع مساهمي Core Scientific (ناسداك: CORZ) على التصويت ضد اقتراح البيع إلى CoreWeave (ناسداك: CRWV).
تستشهد Two Seas بقيمة الاتفاق $16.40 للسهم وت argue أن آفاق Core Scientific المستقلة أقوى، مع التركيز على الطاقة منخفضة التكلفة وخبرة مراكز البيانات و
- None.
- None.
Insights
Shareholders are asked to vote on a contested sale at $16.40.
Two Seas Capital opposes the proposed CoreWeave acquisition and solicits votes against it via a GOLD proxy card. The materials emphasize CORZ’s operating assets, power costs, and a 700‑MW pipeline as reasons to remain independent. This is a shareholder decision rather than an operational change at this stage.
The filing frames peer valuation comparisons and future build‑out as support for a no vote, but those are opinions by the filer. Cash proceeds or alternative transactions are not described here. The key near‑term event is the October 30, 2025 special meeting where the outcome will be determined by shareholder votes.
Two Seas Capital ha presentato materiali probatori definitivi aggiuntivi sollecitando gli azionisti di Core Scientific (NASDAQ: CORZ) a votare CONTRO la proposta vendita a CoreWeave (NASDAQ: CRWV).
Two Seas cita il valore dell'accordo di $16,40 per azione e sostiene che le prospettive indipendenti di Core Scientific siano più robuste, evidenziando l'energia a basso costo, l'expertise nei data center e un pipeline da 700 megawatt. L'assemblea speciale per votare l'operazione è prevista per 30 ottobre 2025. Two Seas si presenta come uno dei maggiori azionisti e esprime fiducia nella capacità della direzione di espandere l'hosting e la capacità HPC.
Two Seas Capital presentó materiales definitivos adicionales de proxy instando a los accionistas de Core Scientific (NASDAQ: CORZ) a votar EN CONTRA de la venta propuesta a CoreWeave (NASDAQ: CRWV).
Two Seas cita el valor del acuerdo de $16.40 por acción y argumenta que las perspectivas independientes de Core Scientific son más fuertes, destacando energía de bajo costo, experiencia en centros de datos y una pipeline de 700 megavatios. La reunión especial para votar la operación está programada para el 30 de octubre de 2025. Two Seas afirma ser uno de los mayores accionistas y expresa confianza en la capacidad de la dirección para ampliar el hosting y la capacidad de HPC.
Two Seas Capital은 Core Scientific(NASDAQ: CORZ) 주주들에게 제안된 CoreWeave로의 매각에 반대하도록 촉구하는 정식 추가 위임장 자료를 제출했습니다(NASDAQ: CRWV).
Two Seas는 거래 가치를 주당 $16.40로 제시하고 Core Scientific의 독립적인 전망이 더 강하다고 주장하며 저렴한 에너지, 데이터 센터 전문 지식, 그리고 700메가와트 파이프라인을 강조합니다. 거래에 대한 투표를 위한 특별 회의는 2025년 10월 30일로 예정되어 있습니다. Two Seas는 자신이 최대 주주 중 하나이며 경영진이 호스팅 및 HPC 용량을 확장할 수 있는 능력에 자신감을 표명합니다.
Two Seas Capital a déposé des documents finaux supplémentaires de procuration exhortant les actionnaires de Core Scientific (NASDAQ: CORZ) à voter CONTRE la vente proposée à CoreWeave (NASDAQ: CRWV).
Two Seas évoque la valeur de l'accord de $16.40 par action et soutient que les perspectives autonomes de Core Scientific sont plus solides, en mettant en avant une énergie bon marché, l'expertise en centres de données et un pipeline de 700 mégawatts. La réunion spéciale pour voter sur l'opération est prévue pour le 30 octobre 2025. Two Seas déclare être l'un des plus grands actionnaires et exprime sa confiance dans la capacité de la direction à développer l'hébergement et la capacité HPC.
Two Seas Capital hat endgültige zusätzliche Proxy-Unterlagen eingereicht und Core Scientific (NASDAQ: CORZ) Aktionäre aufgefordert, GEGEN den vorgeschlagenen Verkauf an CoreWeave (NASDAQ: CRWV) zu stimmen.
Two Seas nennt den Wert des Deals von $16.40 pro Aktie und argumentiert, dass Core Sciences eigenständige Aussichten stärker sind, wobei niedrige Stromkosten, Datenzentrum-Expertise und eine 700-Megawatt-Pipeline hervorgehoben werden. Die Sondersitzung zur Abstimmung über die Transaktion ist für den 30. Oktober 2025 vorgesehen. Two Seas erklärt, einer der größten Aktionäre zu sein, und äußert Vertrauen in die Fähigkeit des Managements, Hosting- und HPC-Kapazitäten zu erweitern.
Two Seas Capital قد قدمت مواد وكالة إضافية حاسمة تشجع مساهمي Core Scientific (ناسداك: CORZ) على التصويت ضد اقتراح البيع إلى CoreWeave (ناسداك: CRWV).
تستشهد Two Seas بقيمة الاتفاق $16.40 للسهم وت argue أن آفاق Core Scientific المستقلة أقوى، مع التركيز على الطاقة منخفضة التكلفة وخبرة مراكز البيانات و
Two Seas Capital 已提交正式的额外代理材料，敦促 Core Scientific（纳斯达克：CORZ）股东投票反对拟议出售给CoreWeave（纳斯达克：CRWV）。
Two Seas 指出交易价值为$16.40 每股，并认为 Core Scientific 的独立前景更强，强调低成本电力、数据中心专业知识，以及一个700 兆瓦的管线。就该交易进行投票的特别会议定于2025年10月30日。Two Seas 表示它是最大的股东之一，并对管理层有能力扩大托管和高性能计算能力充满信心。
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
Filed by the Registrant o
Filed by a Party other than the Registrant þ
Check the appropriate box:
| o | Preliminary Proxy Statement |
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| o | Definitive Proxy Statement |
| þ | Definitive Additional Materials |
| o | Soliciting Material Under Rule 14a-12 |
Core Scientific, Inc.
(Name of Registrant as Specified In Its Charter)
Two Seas Capital LP
Two Seas Capital GP LLC
Sina Toussi
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| þ | No fee required. |
| o | Fee paid previously with preliminary materials. |
| o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Two Seas Capital Expresses Enthusiasm for Core Scientific’s Future Prospects
Issues Letter
to Shareholders Highlighting Significant Upside Potential If Proposed Sale to
CoreWeave Is Not Approved
Urges Shareholders
to Vote AGAINST the Ill-Advised Transaction on the GOLD Proxy Card
Ahead of October 30, 2025 Special Meeting
NEW YORK, October 28, 2025 -- Two Seas Capital LP (“Two Seas” or “we”), an alternative investment management firm and one of the largest shareholders of Core Scientific, Inc. (“Core Scientific” or the “Company”) (NASDAQ: CORZ), today issued a letter to shareholders in connection with its opposition to the Company’s proposed sale to CoreWeave, Inc. (“CoreWeave”) (NASDAQ: CRWV) on the terms announced on July 7, 2025.
The full text of the letter is below.
October 28, 2025
Dear Fellow Core Scientific Shareholders:
As long-standing investors in Core Scientific, we are more enthusiastic than ever about Core Scientific’s standalone prospects. We continue to believe that the proposed acquisition of the Company by CoreWeave is not the best way to maximize value for Core Scientific shareholders. We will vote against the transaction and encourage you to do the same.
Since the transaction was announced in July, investment in AI infrastructure has accelerated, driving equity valuations of Core Scientific’s peers to ever-greater heights. Had it traded in-line with these peers (instead of being tethered to CoreWeave’s underperforming stock), Core Scientific’s stock would be trading more than twice as high as the value of the CoreWeave transaction.
Why would anyone vote for a transaction worth a mere $16.40 per share?
Core Scientific is a best-in-class asset that we would be proud to continue to own: it has access to low-cost power, expertise in site construction and management, a strong existing infrastructure and an attractive future pipeline. We have full confidence in Core Scientific’s executive management team and its ability to execute on these advantages. We therefore fully expect Core Scientific to continue to build out its 700-megawatt pipeline, secure additional hosting contracts for its growing HPC capacity and expand its footprint through the addition of other existing data centers and new brownfield sites—all to the great benefit of shareholders.
But first, we must reject the CoreWeave transaction.
The vote on that deal is scheduled for October 30, 2025. In our view, shareholders have an easy choice to make: reject the transaction and participate in one of the most incredible growth opportunities in the history of the capital markets or cut short Core Scientific’s promising future to transfer significant value to CoreWeave.
In our view, there is no reason not to play on.
We therefore urge our fellow shareholders to join us in voting AGAINST the proposed transaction on the GOLD proxy card so that Core Scientific can return its full focus and attention to the numerous opportunities that lay ahead for one of the best assets in the rapidly growing AI landscape.
Sincerely,
Sina Toussi
Founder, President and Chief Investment
Officer Two Seas Capital LP
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 $2.0 billion in assets under management, Two Seas’ approach is designed to uncover market inefficiencies where value can be realized through the resolution of legal and regulatory events. The Two Seas team is highly regarded for its rigorous due diligence and its ability to translate complex and dynamic scenarios into actionable investment opportunities.
Contacts
Investors
Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
info@innisfreema.com
(212) 750-5833
Media
Steve Bruce / Taylor Ingraham / Keely Gispan
ASC Advisors
twoseas@ascadvisors.com
(203) 992-1230
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 U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in annual reports on Form 10-K and quarterly reports on Form 10-Q and those related to the pending transaction involving Core Scientific and CoreWeave (the “Pending Transaction”). The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Two Seas does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included in this material is based on data obtained from sources considered to be reliable. Any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and, unless required by law, are subject to revision without notice.
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 GOLD proxy card (the “Proxy Statement”) with the SEC on September 29, 2025 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. 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. Additional information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in Exhibit 2 of the Schedule 14A filed by Two Seas with the SEC on October 10, 2025.
