--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-22-312655" form_type: "8-K" ticker: "CORZ" cik: "0001839341" company_name: "Core Scientific, Inc./tx" filed_at: "2022-12-27T23:59:59+00:00" generated_at: "2026-06-20T23:01:04.967988+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Core Scientific files Ch. 11; Nasdaq to delist CORZ starting Jan 3; $75M DIP facility agreed ## Summary - Filed voluntary Chapter 11 petitions on Dec 21, 2022 in Bankruptcy Court for Southern District of Texas. - Entered DIP Credit Agreement for up to $75M new money facility; initial $37.5M available after interim court approval. - Restructuring Support Agreement with convertible-note holders equitizes notes for 97% of new common shares. - Nasdaq delisting notice received Dec 22; trading suspended Jan 3, 2023; company evaluating appeal options. - DIP facility matures June 21, 2023; exit milestones include plan confirmation by day 150 and effective date by day 165. ## SEC filing metadata - accession: 0001193125-22-312655 - form_type: 8-K - ticker: CORZ - cik: 0001839341 - company_name: Core Scientific, Inc./tx - filed_at: 2022-12-27T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 2.03, 1.03, 3.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/0001193125-22-312655-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/d426367d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-22-312655 - JSON: https://secwatch.observer/filing/0001193125-22-312655.json - Plain text: https://secwatch.observer/filing/0001193125-22-312655.txt ## Key facts - Debt Financings Core Scientific, Inc./tx incurred credit facility of up to $75 million with Wilmington Savings Fund Society, FSB, as administrative agent, and the DIP Lenders at 10% maturing June 21, 2023, which can be extended, under certain conditions, by an additional three months to September 21, 2023. - Instrument: credit facility - Principal: up to $75 million - Counterparty: Wilmington Savings Fund Society, FSB, as administrative agent, and the DIP Lenders - Rate: 10% - Maturity: June 21, 2023, which can be extended, under certain conditions, by an additional three months to September 21, 2023 - Event: incurrence source text: The DIP Lenders will provide new financing commitments to the Company under a new money multiple draw term loan facility (the “New Money DIP Facility”) in an initial aggregate principal amount of up to $75 million, approximately $57 million of which is currently committed to by the initial DIP Lenders, as may be increased from to time after the Closing Date to the extent additional commitments (in an aggregate principal amount not to exceed $75 million) are secured by further syndication. Under the New Money DIP Facility, (i) $37.5 million will be available following Bankruptcy Court approval on an interim basis (the “Interim DIP Order”), and (ii) up to $37.5 million will be available following Bankruptcy Court approval on a final basis (the “Final DIP Order”), subject to obtaining commitments for the full amount of the New Money DIP Facility. The DIP Credit Agreement provides for a credit facility pursuant to which up to $75 million of aggregate claims of the holders of the Convertibl evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/0001193125-22-312655-index.htm - Distress & Bankruptcy Core Scientific, Inc./tx entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-12-21). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the Southern District of Texas - Petition: 2022-12-21 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/0001193125-22-312655-index.htm - Listing & Compliance Notices Core Scientific, Inc./tx received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1). - Exchange: nasdaq - Notice: delisting notice - Rules: 5101, 5110(b), IM-5101-1 source text: December 22, 2022, the Company received written notice (the “Delisting Notice”) from the staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, as a result of the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the staff of Nasdaq had determined that the Company’s common stock (the “Securities”) will be delisted from Nasdaq. Trading of the Securities will be suspended at the opening of business on January 3, 2023 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Securities from listi evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/0001193125-22-312655-index.htm - Material Agreements Core Scientific, Inc./tx entered into Restructuring Support Agreement (RSA) with certain holders of (x) Convertible Notes and/or (y) DIP Commitments or loans under the DIP Facility (the Consenting Creditors) (effective 2022-12-22). - Action: entry - Agreement: notes offering - Counterparty: certain holders of (x) Convertible Notes and/or (y) DIP Commitments or loans under the DIP Facility (the Consenting Creditors) - Effective: 2022-12-22 source text: On December 22, the Debtors entered into a Restructuring Support Agreement (together with all exhibits and schedules thereto, the “RSA”) with certain holders of (x) Convertible Notes and/or (y) DIP Commitments (as defined in the RSA) or loans under the DIP Facility (the “Consenting Creditors”) evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/0001193125-22-312655-index.htm - Material Agreements Core Scientific, Inc./tx entered into Senior Secured Super-Priority Debtor-in-Possession Loan and Security Agreement (DIP Credit Agreement) with Wilmington Savings Fund Society, FSB, as administrative agent, and the lenders from time to time party thereto valued at up to $75 million (effective 2022-12-22). - Action: entry - Agreement: credit facility - Counterparty: Wilmington Savings Fund Society, FSB, as administrative agent, and the lenders from time to time party thereto - Value: up to $75 million - Effective: 2022-12-22 source text: the Debtors entered into a Senior Secured Super-Priority Debtor-in-Possession Loan and Security Agreement, dated as of December 22, 2022 (the “DIP Credit Agreement”), with Wilmington Savings Fund Society, FSB, as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522312655/0001193125-22-312655-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.