"Core Scientific, Underpriced Sale to CoreWeave... Will Oppose"

On the 8th (local time), according to crypto-focused media The Block, the largest active shareholder of Core Scientific, Two Seas Capital, expressed opposition to the $9 billion acquisition offer from AI infrastructure company CoreWeave.

Two Seas Capital stated in an open letter on the same day, "This acquisition significantly undervalues Core Scientific and exposes shareholders to unnecessary financial risk."

They further said, "Under the current terms, we will vote against this sale and hope other shareholders take the same stance."

Previously, on July 7 (local time), CoreWeave signed an acquisition agreement to acquire all of Core Scientific via an all-stock transaction, with the deal valued at $9 billion. This price reflects a 66% premium compared to Core Scientific's share price as of June 25. According to the contract terms, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for each share they own.

This acquisition aims to integrate Core Scientific’s 1.2GW-scale data center network into CoreWeave’s AI computing business, strengthening service capabilities for clients such as OpenAI and Microsoft. If the deal is completed, the existing $10 billion hosting contract will be terminated, and Core Scientific shareholders will end up owning less than 10% of the merged entity.

Two Seas Capital criticized, stating, "We are disappointed in the board’s decision to hand over the company through an entirely stock-based, unprotected structure without any safeguards against the high volatility of CoreWeave’s share price."

This transaction is expected to be finalized following shareholder approval and regulatory review in the fourth quarter of this year.