Core Scientific, a Bitcoin mining company based in Texas, has announced that it will resume trading on Nasdaq starting Wednesday after successfully completing its reorganization efforts following its bankruptcy filing in 2022.
Through its restructuring plan, the company was able to reduce its debt by $400 million by converting equipment lender and convertible note holder debt into equity.
Further debt reduction is expected through the conversion of remaining convertible debt, exercise of investors’ warrants, and the utilization of available cash to pay down debt.
CEO Adam Sullivan expressed confidence in the company’s pragmatic growth plan and its ability to create value by using energy for Bitcoin mining and other potential applications.
With 724 megawatts of power in operation across five US states, Core Scientific plans to increase its mining capacity by more than 50% in the next four years through the deployment of new Bitcoin miners.
