secwatch.observer — SEC 8-K summary
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Issuer:     Core Scientific, Inc./tx (CORZ)
CIK:        0001839341
Form:       8-K/A
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001193125-24-014941
Event type: other_material
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 1.02, 2.03, 3.02, 8.01, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Core Scientific emerges from Chapter 11; issues $260M convertible notes and $150M secured notes
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- Emerged from Chapter 11 on Jan 23, 2024; old common stock canceled, new common stock issued.
- Entered $80M exit credit facility (9% interest, matures 2027), $260M secured convertible notes (10% cash or 6% cash+6% stock PIK, due 2029), $150M secured notes (12.5%, due 2028).
- Issued 98.4M Tranche 1 warrants (exercise $6.81, expire 2027) and 82.0M Tranche 2 warrants ($0.01 exercise after TEV event, expire 2029); listed on Nasdaq as CORZW and CORZZ.
- Issued 51.8M CVRs to former convertible note holders: potential cash/stock payments up to $130M over three years tied to stock price performance.
- Old equity canceled; warrants distributed to prior shareholders at ratios of 0.253244 Tranche 1 and 0.211037 Tranche 2 per old share.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1839341/000119312524014941/0001193125-24-014941-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1839341/000119312524014941/d735123d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-014941

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer