Core Scientific’s Largest Shareholder Opposes Merger Deal with CoreWeave

According to ChainCatcher, citing Prnewswire, Two Seas Capital, the largest active shareholder of Core Scientific (holding approximately 6.3%), announced on August 7 that it will vote against the merger deal between Core Scientific and Core Weave. Two Seas Capital believes that the all-stock transaction plan significantly undervalues Core Scientific and that the lack of a price protection mechanism exposes shareholders to substantial risk.

Two Seas Capital pointed out that Core Scientific holds significant advantages in the high-performance computing infrastructure sector, including economies of scale, access to low-cost electricity, and a strong pool of data center talent. With the rapid growth in computing power demand driven by the development of artificial intelligence, the company has strong long-term prospects and there is currently no need to sell at an unreasonable valuation.