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Core Scientific Resumes Nasdaq Trading after Successful Restructuring
On Wednesday, January 24, Texas-based Bitcoin mining company Core Scientific shall return to Nasdaq for trading. This is the first time that Core Scientific (OTCMKTS: CORZQ) will trade on Wall Street after the company filed for bankruptcy in 2022.
In a statement released on Tuesday, Core Scientific highlighted the success of its restructuring plan, which resulted in a substantial reduction of $400 million in debt. The strategy involved the conversion of debt from equipment lenders and convertible note holders into equity, signaling a positive step for the company’s financial health. Some of the big names like BlackRock and investment bank B. Riley, were part of Core Scientific’s restructuring plans.
The Bitcoin miner’s restructuring plan aims to further reduce debt burdens through additional measures. This includes the conversion of remaining convertible debt along with the utilization of available
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