{"id":56359,"date":"2022-01-21T17:00:45","date_gmt":"2022-01-21T15:00:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56359"},"modified":"2025-09-04T06:00:17","modified_gmt":"2025-09-04T03:00:17","slug":"core-scientific-goes-public-on-nasdaq-via-spac-merger","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/core-scientific-goes-public-on-nasdaq-via-spac-merger\/","title":{"rendered":"Core Scientific goes public on Nasdaq via SPAC merger"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Now trading on <a href=\"https:\/\/twitter.com\/Nasdaq?ref_src=twsrc%5Etfw\">@Nasdaq<\/a> as <a href=\"https:\/\/twitter.com\/search?q=%24CORZ&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CORZ<\/a>. Congratulations and thank you to our entire team, stakeholders, and partners that helped build <a href=\"https:\/\/twitter.com\/Core_Scientific?ref_src=twsrc%5Etfw\">@Core_Scientific<\/a> into what it is today.<br \/> <a href=\"https:\/\/twitter.com\/hashtag\/CORZListed?src=hash&#038;ref_src=twsrc%5Etfw\">#CORZListed<\/a> <a href=\"https:\/\/t.co\/BRjnQF31hj\">pic.twitter.com\/BRjnQF31hj<\/a><\/p>\n<p>\u2014 Core Scientific (@Core_Scientific) <a href=\"https:\/\/twitter.com\/Core_Scientific\/status\/1484260737602265095?ref_src=twsrc%5Etfw\">January 20, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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 &#038; Digital Infrastructure Acquisition Corp (XPDI).<\/p>\n<p>Former shareholders of the mining company received 90.7%, holders of XPDI shares received 6.7%, and the sponsor of the latter \u2014 2.6%.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Going public is an important milestone in Core Scientific&#8217;s evolution, but we are even more excited about future opportunities to enhance our capitalization,&#8221; said the firm&#8217;s co-chairman and CEO Mike Levitt.<\/p>\n<\/blockquote>\n<p>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.<\/p>\n<p>In Q4 the firm mined 2,498 BTC, bringing its balance to 5,300 BTC.  <\/p>\n<p>The capital raised from the deal is planned to be used to finance equipment purchases and to expand the mining infrastructure.<\/p>\n<p>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.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/JqIjlUeldh5IOoCux6z_M3KLuEVU4Uq7aKeM_P1A-mlGW1Q9cct6om-54zhZw5ybCjREUGBxkNV8Mhcn-FofnNXbZQKxuruRm-JLUVPCLuk02lKMMKdI0pk3vrT_htFwPANFpTp6\" alt=\"Core Scientific \u0432\u044b\u0448\u043b\u0430 \u043d\u0430 \u0431\u0438\u0440\u0436\u0443 Nasdaq \u0447\u0435\u0440\u0435\u0437 SPAC-\u0441\u0434\u0435\u043b\u043a\u0443\"\/><figcaption>Data: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/corz\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>The market capitalization of the company exceeds $3 billion.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-to-go-public-via-spac-merger\">Announcing<\/a> 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.<\/p>\n<p>Also on January 20, Nasdaq was slated to host the IPO of Rhodium Enterprises, with the firm aiming <a href=\"https:\/\/forklog.com\/en\/news\/rhodium-enterprises-plans-to-raise-up-to-100-million-through-an-ipo\">to raise up to $100 million<\/a>. Rhodium Enterprises <a href=\"https:\/\/www.renaissancecapital.com\/IPO-Center\/News\/90309\/Bitcoin-miner-Rhodium-Enterprises-postpones-$100-million-IPO\">postponed<\/a> 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.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/stronghold-digital-mining-raises-ipo-target-to-127-million\">In October 2021 the mining firm Stronghold Digital Mining<\/a> conducted an IPO on Nasdaq, issuing 6,687,305 Class A shares at $19.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American blockchain-hosting provider Core Scientific became a public company via a SPAC merger. On Thursday, January 20, 2022, Nasdaq began trading the merged firm\u2019s shares under the ticker CORZ.<\/p>\n","protected":false},"author":1,"featured_media":56360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,768,26],"class_list":["post-56359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-nasdaq","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"65","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=56359"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56359\/revisions"}],"predecessor-version":[{"id":56361,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56359\/revisions\/56361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/56360"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=56359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=56359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=56359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}