Core Scientific, a large blockchain hosting and digital asset mining company, goes public through a merger with Power & Digital Infrastructure Acquisition Corp. The deal values the combined company at around $ 4.3 billion.
Core Scientific is listed on Nasdaq. listed
Core Scientific Holding Co., one of the largest blockchain hosting and digital asset mining companies in North America, announced on Wednesday its plan to go public on the Nasdaq through a special purpose vehicle (SPAC).
The crypto company has partnered with Power & Digital Infrastructure Acquisition Corp. (Nasdaq: XPDI), a publicly traded SPAC backed by the world’s largest asset manager Blackrock, entered into “a definitive merger agreement”.
Under the terms of the agreement, XPDI will take over Core Scientific. The merged company will operate as Core Scientific Inc. and remain a publicly traded company on the Nasdaq Stock Exchange.
The announcement states:
The transaction [acquisition] rates the combined company at an implied, fully diluted pro forma company value of approximately $ 4.3 billion.
Core Scientific described itself as “a 100% carbon neutral, vertically integrated blockchain infrastructure and mining company”. It has offices in North Dakota, North Carolina, Georgia, and Kentucky.
Darin Feinstein, co-founder of Core Scientific, stated that the company’s blockchain infrastructure business is “backed by more than 70 blockchain and infrastructure-related patents and applications.” He commented, “We are proud to unite our companies and enter the capital markets.”
What do you think of Core Scientific going to Nasdaq via SPAC? Let us know in the comment section below.
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