Core Scientific, a Bitcoin miner, has announced the mandatory conversion of its outstanding secured convertible notes due in 2029. The conversion will involve exchanging around 45 million shares of Core Scientific’s common stock for $260 million of convertible debt. Triggered by the stock price staying above $2.1 billion for 20 consecutive days, the notes will convert into common stock on July 10. Holders will receive shares based on a conversion price and cash for any partial shares. The company's shares (CORZ) currently trade at $10.14 on the Nasdaq, showing a 1.5% decrease. The recent conversion marks a significant step forward for Core Scientific post-bankruptcy, with CEO Adam Sullivan expressing optimism. Additionally, the company has extinguished a contingent payment obligation for unsecured creditors, eliminating the need for further payments. This move showcases the company's progress and financial stability post-reorganization. Read more AI-generated news on: https://app.chaingpt.org/news