Core Scientific Emerges from Chapter 11 Bankruptcy on Jan 15

Ticker: CORZR · Form: 8-K · Filed: Jan 17, 2024 · CIK: 1839341

Core Scientific, Inc./Tx 8-K Filing Summary
FieldDetail
CompanyCore Scientific, Inc./Tx (CORZR)
Form Type8-K
Filed DateJan 17, 2024
Risk Levelmedium
Pages13
Reading Time15 min
Key Dollar Amounts$0.0001
Sentimentbullish

Complexity: simple

Sentiment: bullish

Topics: bankruptcy, reorganization, corporate-action

TL;DR

**Core Scientific is officially out of bankruptcy as of January 15th!**

AI Summary

Core Scientific, Inc. (CORZ) filed an 8-K on January 17, 2024, reporting that on January 15, 2024, it emerged from Chapter 11 bankruptcy. This means the company has successfully reorganized its finances and is now operating under a new capital structure, including new common stock and warrants. This matters to investors because it signals the resolution of significant financial distress, potentially stabilizing the stock and allowing the company to focus on its core business without the immediate threat of liquidation.

Why It Matters

This filing signifies Core Scientific has successfully restructured its debt and operations, removing the uncertainty of bankruptcy and allowing it to move forward as a going concern.

Risk Assessment

Risk Level: medium — While emerging from bankruptcy is positive, the company still faces operational risks and the potential for dilution from new stock and warrants issued during reorganization.

Analyst Insight

A smart investor would closely monitor Core Scientific's first few earnings reports post-bankruptcy to assess the effectiveness of its reorganization plan and its ability to generate sustainable profits, considering potential dilution from new shares and warrants.

Key Players & Entities

  • Core Scientific, Inc. (company) — the registrant emerging from Chapter 11 bankruptcy
  • January 15, 2024 (date) — date of earliest event reported, when the company emerged from bankruptcy
  • $0.0001 (dollar_amount) — par value per share of common stock

Forward-Looking Statements

  • Core Scientific's stock price will experience increased volatility in the short term as the market digests the implications of its emergence from bankruptcy and new capital structure. (Core Scientific, Inc.) — medium confidence, target: 2024-04-17
  • The company will likely issue further disclosures regarding its post-bankruptcy financial performance and operational strategies. (Core Scientific, Inc.) — high confidence, target: 2024-07-17

FAQ

What was the primary event reported in this 8-K filing?

The primary event reported in this 8-K filing is Core Scientific, Inc.'s emergence from Chapter 11 bankruptcy on January 15, 2024.

When was the earliest event reported in this filing?

The earliest event reported in this filing occurred on January 15, 2024, which is the date Core Scientific, Inc. emerged from bankruptcy.

What is the par value of Core Scientific, Inc.'s common stock mentioned in the filing?

The par value of Core Scientific, Inc.'s common stock is $0.0001 per share, as stated in the filing.

What is the registrant's telephone number?

The registrant's telephone number is (512) 402-5233, as provided in the filing.

What is the Commission File Number for Core Scientific, Inc.?

The Commission File Number for Core Scientific, Inc. is 001-40046, according to the filing.

Filing Stats: 3,781 words · 15 min read · ~13 pages · Grade level 16.6 · Accepted 2024-01-17 08:53:39

Key Financial Figures

  • $0.0001 — ich registered Common stock, par value $0.0001 per share CORZQ * Warrants, exerc

Filing Documents

03

Item 1.03 Bankruptcy or Receivership. As previously disclosed, on December 21, 2022, Core Scientific, Inc. (the " Company ") and certain of its affiliates (collectively, the " Debtors ") filed voluntary petitions (the " Chapter 11 Cases ") in the United States Bankruptcy Court for the Southern District of Texas (the " Bankruptcy Court ") seeking relief under Chapter 11 of Title 11 of the United States Code (the " Bankruptcy Code "). The Debtors continue to operate their business and manage their properties as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Additional information about the Chapter 11 Cases, including access to Court documents, is available online at cases.stretto.com/CoreScientific/, a website administered by Stretto, Inc., a third-party bankruptcy claims and noticing agent. The information on this web site is not incorporated by reference into, and does not constitute part of, this Form 8-K. Also, as previously disclosed, the Debtors filed with the Bankruptcy Court (i) on November 16, 2023, the Third Amended Joint Chapter 11 Plan of Reorganization of Core Scientific, Inc. and its Affiliated Debtors (the " Third Amended Plan ") and the related Disclosure Statement (the " Initial Disclosure Statement "); (ii) on December 8, 2023, a supplement to the Third Amended Plan (the " Initial Plan Supplement "); (iii) on December 11, 2023, a further supplement to the Third Amended Plan (the " Amended Plan Supplement ); (iv) on December 26, 2023, the Fourth Amended Joint Chapter 11 Plan of Reorganization of Core Scientific, Inc. and its Affiliated Debtors (the " Initial Fourth Amended Plan "); (v) on December 27, 2023, a supplement to the Initial Fourth Amended Plan (the " Second Amended Plan Supplement "); (vi) on December 28, 2023, the solicitation versions of the Initial Fourth Amended Plan (the " Fourth Amended Plan ") and th

01

Item 7.01 Regulation FD Disclosure. Press Release On January 16, 2024, the Company issued a press release announcing the Bankruptcy Court's entry of the Confirmation Order. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. Plan Supplement On January 16, 2024, the Debtors filed with the Bankruptcy Court a further supplement to the Plan (the " Fourth Amended Plan Supplement " and, together with the Initial Plan Supplement, the Amended Plan Supplement, the Second Amended Plan Supplement and the Third Amended Plan Supplement, the " Plan Supplement "). The Plan Supplement includes certain documents related to the Plan and referenced therein, including, among other things: the (i) forms of New Corporate Governance Documents, solely with respect to the Reorganized Parent, (ii) form of New Secured Convertible Notes Indenture, (iii) form of New Secured Notes Indenture, (iv) form of Contingent Payment Obligations Agreement, (v) forms of New Miner Equipment Lender Debt Documents, (vi) form of Exit Credit Agreement, (vii) form of New Warrants Agreement, (viii) form of New Intercreditor Agreement (Miner Equipment Lenders, New Secured Notes, New Secured Convertible Notes, Exit Facility) (the " New Intercreditor Agreement "), (ix) disclosures related to the New Board pursuant to Section 1129(a)(5) of the Bankruptcy Code, (x) Restructuring Transactions Exhibit and (xi) schedules of retained causes of action, rejected contracts, assumed contracts, Allowed General Unsecured Claims. The foregoing description of the Fourth Amended Plan Supplement does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amended Plan Supplement, a copy of which is attached as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information being furnished under this Ite

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits: Exhibit Description 2.1 Confirmation Order, dated January 16, 2024. 99.1 Debtors' Fourth Amended Joint Chapter 11 Plan of Reorganization of Core Scientific, Inc. and its Affiliated Debtors, dated January 15, 2024. 99.2 Press Release, dated January 16, 2024. 99.3 Fourth Amended Plan Supplement, dated January 16, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Core Scientific, Inc. Date: January 17, 2024 By: /s/ Todd M. DuChene Name: Todd M. DuChene Title: Chief Legal Officer and Chief Administrative Officer

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