Core Scientific receives equity financing in the amount of $ 100 million
The largest bitcoin miner by hashrate Core Scientific (CORZ) has signed an agreement with investment bank B Riley to issue shares worth up to $ 100 million over two years to increase liquidity.
According to the statement, Core Scientific has the right, but not the obligation, to issue these new shares with certain restrictions and conditions. The company plans to use this additional funding to strengthen its balance sheet and help the miner expand, Core CEO Mike Levitt said in a statement.
The deal is that the bear market of cryptocurrencies brings down the shares of publicly traded miners. The shares of some of these publicly traded miners, including Core, have fallen somewhere between 50-80% this year.
The mining company also issued 573,381 ordinary shares of B. Riley as compensation for B. Riley's commitment to acquire Core Scientific shares.
Core raises money by selling some of the mined bitcoins. Last month, 7,202 bitcoins were sold at an average price of $23,000, which raised about $167 million. The miner stated that he intends to use the proceeds from sales mainly to pay for ASIC servers, capital investments in additional
https://coin-signal.com/cryptonews/core-scientific-receives-equity-financing-in-the-amount-of-100-million/
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