American blockchain-hosting provider Core Scientific became a public company through a reverse merger with a SPAC. On Thursday, January 20, 2022, Nasdaq began trading the shares of the merged firm under the ticker CORZ.
Now trading on @Nasdaq as $CORZ. Congratulations and thank you to our entire team, stakeholders, and partners that helped build @Core_Scientific into what it is today.
#CORZListed pic.twitter.com/BRjnQF31hj— Core Scientific (@Core_Scientific) January 20, 2022
According to the press release, the deal delivered Core Scientific approximately $190 million in net cash proceeds from the trust account of the acquired Power & Digital Infrastructure Acquisition Corp (XPDI).
Former shareholders of the mining company received 90.7%, holders of XPDI shares received 6.7%, and the sponsor of the latter — 2.6%.
“Going public is an important milestone in Core Scientific’s evolution, but we are even more excited about future opportunities to enhance our capitalization,” said the firm’s co-chairman and CEO Mike Levitt.
As of the end of 2021 the company had a fleet of about 67,000 ASIC miners with a total hash rate of 6.6 EH/s. Core Scientific also managed more than 80,000 client-hosting devices.
In Q4 the firm mined 2,498 BTC, bringing its balance to 5,300 BTC.
The capital raised from the deal is planned to be used to finance equipment purchases and to expand the mining infrastructure.
On the first day of trading, CORZ shares declined from $9.30 to a close of $8.80. As of writing, premarket pricing valued the stock at $8.49.
The market capitalization of the company exceeds $3 billion.
Announcing in July 2021 the reverse merger with XPDI, Core Scientific expected to generate around $300 million in revenue and reach a valuation of about $4.3 billion.
Also on January 20, Nasdaq was slated to host the IPO of Rhodium Enterprises, with the firm aiming to raise up to $100 million. Rhodium Enterprises postponed the offering, although a few days before the date it increased its hard cap to $123 million, which would have given a market cap of about $1.7 billion.
In October 2021 the mining firm Stronghold Digital Mining conducted an IPO on Nasdaq, issuing 6,687,305 Class A shares at $19.