An announcement was made by the Bitcoin mining startup Core Scientific regarding the outcomes of its $55 million equity offering (ERO), which saw oversubscription. The $55 million ERO cap was surpassed by the total number of subscriptions, including oversubscriptions. Depending on how many restructured Core Scientific shares each oversubscription participant subscribes to, the oversubscription sum will be distributed proportionately to ERO participants who exercise their oversubscription rights.
CEO of Core Scientific Adam Sullivan announced that the company will be coming out of Chapter 11 bankruptcy in January, with more cash and a better position to carry out its expansion plan, because the financing was successful and the previously drawn DIP funding was fully repaid.
