According to Foresight News, Core Scientific, a Bitcoin mining company, has announced the results of its $55 million equity offering (ERO), which received oversubscriptions. The total subscriptions, including oversubscriptions, exceeded the $55 million ERO limit. The oversubscription amount will be allocated proportionally to ERO participants exercising their oversubscription rights based on the number of restructured Core Scientific shares subscribed by each oversubscription participant.
Core Scientific CEO Adam Sullivan stated that due to the successful financing and full repayment of previously drawn DIP financing, the company will emerge from Chapter 11 bankruptcy status in January, with enhanced liquidity and in a favorable position to continue executing its growth plan.
