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Two Seas Capital opposes Core Scientific’s $9 billion buyout offer from CoreWeave, claiming it undervalues the company and poses economic risks to shareholders.
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Two Seas Capital holds a 6.5% stake in Core Scientific.
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Core Scientific’s stock dropped 30% after the buyout announcement.
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CoreWeave aims to expand its data center capacity through this acquisition.
Core Scientific’s shareholders are concerned about the undervaluation in the proposed buyout by CoreWeave, urging a vote against the deal.
What is the Core Scientific Buyout Controversy?
The proposed buyout of Core Scientific by CoreWeave is facing opposition from Two Seas Capital, which argues that the $9 billion valuation significantly undervalues the company. This deal has raised concerns among shareholders about potential economic risks.