Coreweave proposed a bid to buy out the Core Scientific mining company at $5.75 per share that was rejected by the executive board at Core Scientific.
The unsolicited buyout bid followed a series of long-term business contracts in which Core Scientific would provide infrastructure for Coreweave.
"The Board has evaluated the Company’s growth prospects and near- and long-term value creation potential, including in connection with both the previously announced CoreWeave agreements and the proposal. The Board determined that the CoreWeave proposal significantly undervalues the Company." This data center, located in Austin, Texas, provides 16 megawatts of capacity for Coreweave to run its high-performance AI computing services.at the height of the crypto bear market. Like many other mining firms, Core Scientific was impacted by high energy prices, cheap Bitcoin (on stock exchanges in January of 2024. However, the company's stock experienced a 30% drop in value shortly after the relisting.
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