Capital of two seas, the third largest shareholder in Core Scientific (Corz) With a participation of 6.3%, it was released against the acquisition proposed by the minor bitcoin by the cloud supplier Ai Coreweave (CRWV).
In a letter published Thursday, Two Seas said she intended to vote against the agreement, which was announced on July 7, and plans to bring together other shareholders to do the same unless important changes are made.
The opposition focuses on the All-Stock nature and unpolluted transaction, which two seas unjustly plead in Corewave and does not reflect the strategic position of Core Scientific in High Performance IT (HPC) infrastructure.
“The proposed sale considerably underestimates the company and unnecessarily exposes its shareholders to a substantial economic risk,” said Sina Toussi, founder of two seas.
Corz is modestly up Thursday at $ 14.24, considerably lower than the actions would have been around $ 20 at the time of the acquisition offered four weeks ago.
Two Seas has been supporting Corz since 2022, participating in his restructuring and financing towers after bankruptcy. The company says that it always believes in the long -term value of Core Scientific and prefers that it remains independent if a better offer does not emerge.
Despite also a participation in Coreweave and supporting the idea of a combination, two seas called the current disappointing agreement and underlined the decline in Core Scientific actions to 30% after the announcement of the agreement as proof of concern for investors.
Two seas urged the Board of Directors to continue alternative offers, notably from Coreweave, but only in terms which reflect the complete strategic value of the assets and growth prospects of Core Scientific. The company plans to publish a more in -depth analysis and to engage with shareholders in the coming weeks.
Analysts of the KBW investment bank predicted that basic scientific shareholders can push the terms of the agreement, given the asset base unchanged since the first failed Corewave offer and the absence of a cash component, in a report published last month.
Find out more: Corewave’s All-Stock offer for Core Scientific likely to draw a meticulous examination of shareholders: KBW
