According to TechFlow, Bitcoin mining company Core Scientific announced that it will forcibly convert its $260 million convertible bonds due in 2029 into approximately 45 million shares of common stock.
The conversion, triggered by the stock price being above $2.1 billion for 20 consecutive days, will take effect on July 10. CEO Adam Sullivan said the move marks a significant step forward for the company since its bankruptcy reorganization. The company also eliminated its contingent payment obligations to unsecured creditors.
