Blockchain hosting and digital asset mining company Core Scientific today announced a merger agreement with Power & Digital Infrastructure Acquisition. The transaction values the combined company at a pro forma enterprise value of approximately $4.3 billion.
The deal is expected to provide in excess of $300 million in net cash proceeds to Core Scientific at closing, after transaction expenses and assuming no redemptions. Existing Core Scientific stockholders are retaining 100% of their equity in the combined company. Core Scientific stockholders will own approximately 89%, the SPAC’s public stockholders will own approximately 8% and its sponsor will own approximately 2% of the outstanding shares. Proceeds from the transaction are expected to fund mining equipment and infrastructure build out.
The deal is expected to close in the fourth quarter, pending shareholder approval. Read more.
