Tospring Technology Discloses Passive Stake in Core Scientific

TL;DR

**Tospring Technology just revealed a new passive stake in Core Scientific.**

AI Summary

Tospring Technology Limited, a company based in Beijing, China, filed an SC 13G on February 2, 2024, disclosing its ownership of Core Scientific, Inc. (NASDAQ: CORZ) common stock as of January 23, 2024. This filing indicates that Tospring Technology Limited is a passive investor, holding a significant stake in the Bitcoin mining company. This matters to investors because it reveals a new substantial shareholder, potentially signaling confidence in Core Scientific's future or indicating a strategic partnership with a technology firm.

Why It Matters

A new significant shareholder like Tospring Technology Limited could bring stability, potential strategic partnerships, or simply reflect a vote of confidence in Core Scientific's business model, which can influence investor sentiment.

Risk Assessment

Risk Level: low — This filing indicates a passive investment, which generally carries lower risk compared to activist stakes or insider selling.

Analyst Insight

Investors should monitor future filings from Tospring Technology Limited for any changes in their stake or investment intent, as a shift from passive to active could signal a change in Core Scientific's strategic direction.

Key Players & Entities

• Tospring Technology Limited (company) — the reporting person filing the SC 13G
• Core Scientific, Inc. (company) — the issuer of the securities
• BITMAIN TECHNOLOGIES HOLDING LTD (company) — a group member related to the filing
• KETUAN ZHAN (person) — a group member related to the filing
• January 23, 2024 (date) — date of event requiring the filing
• February 2, 2024 (date) — date the filing was made

Forward-Looking Statements

• Tospring Technology Limited will maintain its passive stake in Core Scientific for the foreseeable future. (Tospring Technology Limited) — medium confidence, target: 2025-02-02

FAQ

Key Financial Figures

• $0.00001 — of Issuer) Common Stock, par value of $0.00001 per share (Title of Class of Securiti

Filing Documents

• d653792dsc13g.htm (SC 13G) — 67KB
• d653792dex991.htm (EX-99.1) — 4KB
• 0001193125-24-022887.txt ( ) — 73KB

From the Filing

SC 13G 1 d653792dsc13g.htm SC 13G SC 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* Core Scientific, Inc. (Name of Issuer) Common Stock, par value of $0.00001 per share (Title of Class of Securities) 21873J108 (CUSIP Number) January 23, 2024 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 21873J108 1 Name of Reporting Persons Tospring Technology Limited 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3 SEC Use Only 4 Citizenship or Place of Organization Seychelles Number of Shares Beneficially Owned by Each Reporting Person With 5 Sole Voting Power 10,735,143 6 Shared Voting Power 0 7 Sole Dispositive Power 10,735,143 8 Shared Dispositive Power 0 9 Aggregate Amount Beneficially Owned by Each Reporting Person 10,735,143 (1)(2) 10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) 11 Percent of Class Represented by Amount in Row (9) 5.5% (3) 12 Type of Reporting Person (See Instructions) CO (1) On December 21, 2022, the Issuer 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). On January 23, 2024, (the Effective Date), the joint reorganization plan filed by the Debtor became effective in accordance with its terms. On January 4, 2024, the Bankruptcy Court entered an order authorizing Core Scientific, Inc.s (the Issuer) entry into an Asset Purchase Agreement, dated as of September 5, 2023, and, as amended on November 6, 2023 (together, the APA) by and between the Issuer, as purchaser, and Bitmain Technologies Delaware Limited, as vendor (Bitmain). Pursuant to the APA, the Issuer agreed with Bitmain, among others, to issue an aggregate amount of 10,735,143 shares to Tospring Technology Limited within five business days after the Effective Date. (2) Represents 10,735,143 shares of common stock held by Tospring Technology Limited, a company incorporated in Seychelles. Tospring Technology Limited is a wholly owned subsidiary of Bitmain Technologies Holding Limited, a company incorporated in the Cayman Islands. Bitmain Technologies Holding Limited is ultimately controlled by Mr. Ketuan Zhan. (3) This percentage is calculated based on 184,998,580 shares of new common stock reported on the Issuers January 23, 2024 Form 8-K and the 10,753,143 additional shares described in note (1). CUSIP No. 21873J108 1 Name of Reporting Persons Bitmain Technologies Holding Limited 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3 SEC Use Only 4 Citizenship or Place of Organization Cayman Islands Number of Shares Beneficially Owned by Each Reporting Person With 5 Sole Voting Power 10,735,143 6 Shared Voting Power 0 7 Sole Dispositive Power 10,735,143 8 Shared Dispositive Power 0 9 Aggregate Amount Beneficially Owned by Each Reporting Person 10,735,143 10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) 11 Percent of Class Represented by Amount in Row (9) 5.5% (4) 12 Type of Reporting Person (See Instructions) CO (4) This percentage is calculated based on 184,998,580 shares of new common stock reported on Issuers January 23, 2024 Form 8-K and the 10,753,143 shares issued to Tospring Technology Limited pursuant to the APA. CUSIP No. 21873J108 1 Name of Reporting Persons Ketuan Zhan 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3 SEC Use Only 4 Citizenship or Place of Organization Chinese Number of Shares Beneficially Owned by Each Reporting Person With 5 Sole Voting Power 10,735,143 6 Shared Voting Power 0 7 Sole Dispositive Power 10,735,143 8 Shared Dispositive Power 0 9 Aggregate Amount Beneficially Owned by Each Reporting Person 10,735,143 10 Check Box if the Aggregate Amount in Row (9) Exclud

View Full Filing

View this SC 13G filing on SEC EDGAR