Core Scientific, Inc./tx — fact timeline

Jordan Levy was appointed as Director at Core Scientific, Inc./tx.

“As of the Effective Date, the Board consists of the following seven directors, who were appointed in accordance with the Plan: Adam Sullivan, Todd Becker, Jeffrey Booth, Jordan Levy, Jarrod Patten, Yadin Rozov and Eric Weiss”

Jeffrey Booth was appointed as Director at Core Scientific, Inc./tx.

“As of the Effective Date, the Board consists of the following seven directors, who were appointed in accordance with the Plan: Adam Sullivan, Todd Becker, Jeffrey Booth, Jordan Levy, Jarrod Patten, Yadin Rozov and Eric Weiss”

Todd Becker was appointed as Director at Core Scientific, Inc./tx.

“As of the Effective Date, the Board consists of the following seven directors, who were appointed in accordance with the Plan: Adam Sullivan, Todd Becker, Jeffrey Booth, Jordan Levy, Jarrod Patten, Yadin Rozov and Eric Weiss”

Adam Sullivan was appointed as Director at Core Scientific, Inc./tx.

“As of the Effective Date, the Board consists of the following seven directors, who were appointed in accordance with the Plan: Adam Sullivan, Todd Becker, Jeffrey Booth, Jordan Levy, Jarrod Patten, Yadin Rozov and Eric Weiss”

Kneeland Youngblood resigned as Director at Core Scientific, Inc./tx.

“Michael Levitt, Darin Feinstein, Jarvis Hollingsworth, Matthew Minnis, Neal Goldman and Kneeland Youngblood resigned from the board of directors”

Neal Goldman resigned as Director at Core Scientific, Inc./tx.

“Michael Levitt, Darin Feinstein, Jarvis Hollingsworth, Matthew Minnis, Neal Goldman and Kneeland Youngblood resigned from the board of directors”

Matthew Minnis resigned as Director at Core Scientific, Inc./tx.

“Michael Levitt, Darin Feinstein, Jarvis Hollingsworth, Matthew Minnis, Neal Goldman and Kneeland Youngblood resigned from the board of directors”

Jarvis Hollingsworth resigned as Director at Core Scientific, Inc./tx.

“Michael Levitt, Darin Feinstein, Jarvis Hollingsworth, Matthew Minnis, Neal Goldman and Kneeland Youngblood resigned from the board of directors”

Darin Feinstein resigned as Director at Core Scientific, Inc./tx.

“Michael Levitt, Darin Feinstein, Jarvis Hollingsworth, Matthew Minnis, Neal Goldman and Kneeland Youngblood resigned from the board of directors”

Michael Levitt resigned as Director at Core Scientific, Inc./tx.

“Michael Levitt, Darin Feinstein, Jarvis Hollingsworth, Matthew Minnis, Neal Goldman and Kneeland Youngblood resigned from the board of directors”

Core Scientific, Inc./tx entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-12-21).

“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 ”).”

Core Scientific, Inc./tx entered into Purchase and Sale Agreement with Celsius Mining LLC valued at $45,000,000 (effective 2023-09-14).

“On September 14, 2023, the Debtors and Celsius entered into a settlement memorialized through a purchase and sale agreement (the “PSA”). The PSA provides that in exchange for a total purchase price of $45 million from Celsius, subject to certain conditions set forth in the PSA, the Debtors will (i) sell the Company’s Ward County, Texas bitcoin mining data center site (the “Cedarvale Facility”) and certain related assets to Celsius (collectively, the “Purchased Assets”), (ii) grant Celsius a perpetual, non-transferable (except as described in Section 14 of the PSA), non-exclusive limited license to use the Licensed Materials solely as and to the extent necessary to finish construction and development of the Cedarvale Facility, develop and construct mining facilities similar to the Improvements on other properties owned or leased by Celsius, and operate all of the foregoing, (iii) assume and assign certain executory contracts to Celsius and (iv) unequivocally, fully, irrevocably and fore”

Adam Sullivan was appointed as interim Chief Executive Officer at Core Scientific, Inc./tx.

“On August 2, 2023, the Board appointed Adam Sullivan to serve as interim CEO, effective as of August 2, 2023.”

Darin Feinstein resigned as Co-Chairman at Core Scientific, Inc./tx.

“On August 2, 2023, Darin Feinstein informed the Board of his intention to resign from his position as Co-Chairman of the Board, effective as of August 2, 2023.”

Michael Levitt resigned as Chief Executive Officer at Core Scientific, Inc./tx.

“On August 2, 2023, Michael Levitt resigned from his role as Chief Executive Officer (“CEO”) of Core Scientific, Inc. (the “Company”), effective as of August 2, 2023.”

Core Scientific, Inc./tx amended First Amendment to the Replacement DIP Credit Agreement with B. Riley Commercial Capital, LLC, as administrative agent, and the Replacement DIP Lenders (effective 2023-07-04).

“On July 4, 2023, the Debtors, the Administrative Agent and the Replacement DIP Lenders entered into a First Amendment to the Replacement DIP Credit Agreement (the “First Amendment”).”

Todd M. DuChene changed role as Chief Legal Officer and Chief Administrative Officer at Core Scientific, Inc./tx.

“In connection with the appointment of Mr. Sullivan, Todd M. DuChene will continue to serve as the Company’s Chief Legal Officer while also assuming the new role of Chief Administrative Officer.”

Adam Sullivan was appointed as President at Core Scientific, Inc./tx.

“On April 20, 2023, the Board of Directors (the “ Board ”) of Core Scientific, Inc. (the “ Company ”) appointed Adam Sullivan as President, effective May 15, 2023.”

Core Scientific, Inc./tx incurred credit facility of an aggregate principal amount not to exceed $70 million with B. Riley Commercial Capital, LLC at 10% which will be payable in kind maturing December 22, 2023.

“The Replacement DIP Facility, among other things, provides for a non-amortizing super-priority senior secured term loan facility in an aggregate principal amount not to exceed $70 million.”

Core Scientific, Inc./tx entered into Senior Secured Super-Priority Replacement Debtor-in-Possession Loan and Security Agreement with B. Riley Commercial Capital, LLC valued at not to exceed $70 million (effective 2023-02-27).

“On February 27, 2023, the Debtors entered into a Senior Secured Super-Priority Replacement Debtor-in-Possession Loan and Security Agreement governing the Replacement DIP Facility (the “Replacement DIP Credit Agreement”), with B. Riley Commercial Capital, LLC, as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto (collectively, the “Replacement DIP Lenders”).”

Core Scientific, Inc./tx terminated Restructuring Support Agreement with Consenting Creditors valued at RSA terminated; Debtors no longer obligated to pursue Plan (effective 2023-02-09).

“On February 9, 2023, the Debtors delivered written notice to the Consenting Creditors (the “RSA Termination Notice”) notifying such parties that the Debtors exercised their right to terminate the RSA, effective February 9, 2023.”

Core Scientific, Inc./tx entered into Commitment Letter with B. Riley Commercial Capital, LLC valued at aggregate principal amount not to exceed $70 million (effective 2023-01-29).

“Capitalized terms used but not defined herein have the meanings ascribed to them in that certain Commitment Letter (the “Commitment Letter”) dated as of January 29, 2023, by and between B. Riley Commercial Capital, LLC (the “Replacement DIP Lender”) and the Company.”

Core Scientific, Inc./tx received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1).

“December 22, 2022, Core Scientific, Inc. (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 voluntary petitions filed by the Company and certain of its affiliates in the United States Bankruptcy Court for the Southern District of Texas seeking relief under Chapter 11 of Title 11 of the United States Code, 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 will be delisted from Nasdaq. Following”

Core Scientific, Inc./tx entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-12-21).

“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”

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.

“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”

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).

“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”)”

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).

“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”

Core Scientific, Inc./tx received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1).

“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”

Core Scientific, Inc./tx entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-12-21).

“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 the United States Code (the “Bankruptcy Code”). The Company is seeking to have the Chapter 11 Cases jointly administered under Case No. 22-90341.”

Core Scientific, Inc./tx reported a default on loan of $41.8 million outstanding aggregate principal amount of loans with BRF Finance Co, LLC and B. Riley Commercial Capital, LLC.

“Bridge Promissory Notes, dated as of April 7, 2022 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and between Core Scientific, Inc., as borrower, and BRF Finance Co, LLC and B. Riley Commercial Capital, LLC, as Noteholders, related to $41.8 million outstanding aggregate principal amount of loans.”

Core Scientific, Inc./tx reported a default on loan of $47.2 million outstanding aggregate principal amount of loans with BlockFi Lending LLC.

“Facility and Security Agreement, dated as of December 30, 2021, by and between Core Scientific Operating Company (f/k/a Core Scientific, Inc.), as borrower, and BlockFi Lending LLC, as lender, related to $47.2 million outstanding aggregate principal amount of loans.”

Core Scientific, Inc./tx reported a default on loan of $63.8 million aggregate principal amount remain outstanding with Barings Private Credit Corp., Barings Capital Investment Corporation and Barings BDC, Inc..

“Master Security Agreement, dated as of March 24, 2022, by and between the Company, as borrower, and Barings Private Credit Corp., Barings Capital Investment Corporation and Barings BDC, Inc. as lenders, of which $63.8 million aggregate principal amount remain outstanding.”

Core Scientific, Inc./tx reported a default on convertible notes of $215 million aggregate principal amount remain outstanding with U.S. Bank National Association at 10.00% maturing April 19, 2025.

“Secured Convertible Note Purchase Agreement, dated as of April 19, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among Core Scientific Holding Co., the guarantors, U.S. Bank National Association, as note agent and collateral agent, and the purchasers of the notes issued thereunder, governing the 10.00% Convertible Notes due 2025 which mature on April 19, 2025, of which $215 million aggregate principal amount remain outstanding, excluding accrued PIK interest.”

Core Scientific, Inc./tx reported a default on convertible notes of $298.3 million aggregate principal amount remain outstanding with U.S. Bank National Association at 10.00% maturing April 19, 2025.

“Convertible Note Purchase Agreement, dated as of August 20, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among Core Scientific Holding Co., the guarantors, U.S. Bank National Association, as note agent and collateral agent, and the purchasers of the notes issued thereunder, governing the 10.00% Convertible Notes due 2025 which mature on April 19, 2025, of which $298.3 million aggregate principal amount remain outstanding, excluding accrued PIK interest.”

Core Scientific, Inc./tx received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1)).

“December 13, 2022, Core Scientific, Inc. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, because the closing bid price for the Company’s common stock, par value $0.0001 per share (the “Common Stock”), has fallen below $1.00 per share for 30 consecutive business days, the Company no longer meets the minimum bid price requirement for continued inclusion on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Requirement”). This Notice has no immed”

Stacie Olivares resigned as Director at Core Scientific, Inc./tx.

“On November 21, 2022, Stacie Olivares informed the Board of Directors (the “Board”) of Core Scientific, Inc. (the “Company”) of her intention to resign as a director of the Board and any committees thereof effective November 21, 2022.”

Core Scientific, Inc./tx engaged Marcum LLP as its auditor.

“on October 24, 2022, the Audit Committee of the Company’s Board of Directors approved the engagement of Marcum LLP ("Marcum") as its independent registered public accounting firm for the fiscal year ending December 31, 2022, subject to Marcum’s completion of their client acceptance procedures.”

Core Scientific, Inc./tx dismissed Ernst & Young LLP as its auditor.

“At the same meeting, the Audit Committee approved the dismissal of Ernst & Young LLP ("EY") as independent registered public accounting firm of the Company effective upon the date of the filing of the quarterly report on Form 10-Q for the quarter ending September 30, 2022.”

Todd DuChene was appointed as President and Chief Legal Officer at Core Scientific, Inc./tx.

“On November 9, 2022, the board of directors of Core Scientific, Inc. (the “Company”) appointed Todd DuChene to serve as the Company’s President and Chief Legal Officer, effective November 14, 2022.”

Core Scientific, Inc./tx engaged Marcum LLP as its auditor.

“At a meeting held on October 24, 2022, the Audit Committee of the Board of Directors of Core Scientific, Inc. (the “Company”) approved the engagement of Marcum LLP (“Marcum”) as its independent registered public accounting firm for the fiscal year ending December 31, 2022, subject to Marcum’s completion of their client acceptance procedures.”

Core Scientific, Inc./tx dismissed Ernst & Young LLP as its auditor.

“At the same meeting, the Audit Committee approved the dismissal of Ernst & Young LLP ("EY") as independent registered public accounting firm of the Company effective upon the date of the filing of the quarterly report on Form 10-Q for the quarter ending September 30, 2022.”

Neal P. Goldman was appointed as Director at Core Scientific, Inc./tx.

“On October 26, 2022, Core Scientific, Inc. (“Core Scientific,” “we,” “our,” “us” or the “Company”) announced the appointment of Neal P. Goldman to its board of directors”

Denise Sterling changed role as principal accounting officer at Core Scientific, Inc./tx.

“Denise Sterling, the Company’s Executive Vice President and Chief Financial Officer, will serve as principal accounting officer, effective immediately, in addition to her existing responsibilities.”

Brian Neville departed as Controller and Chief Accounting Officer at Core Scientific, Inc./tx.

“On October 19, 2022, the Company eliminated the position held by Brian Neville, the Company’s Controller and Chief Accounting Officer.”

Denise Sterling was appointed as Chief Financial Officer at Core Scientific, Inc./tx.

“Denise Sterling, the former Senior Vice President of Finance of the Company, assumed the role of Chief Financial Officer on April 5, 2022.”

Michael Trzupek resigned as Executive Vice President and Chief Financial Officer at Core Scientific, Inc./tx.

“Michael Trzupek, Executive Vice President and Chief Financial Officer of the Company, notified the Board of Directors of the Company of his decision to resign from his position on April 4, 2022, effective immediately.”

Denise Sterling was appointed as Chief Financial Officer at Core Scientific, Inc./tx.

“the Board of Directors (the “Board”) of the Company approved the appointment of Denise Sterling, age 57, as the Company’s Chief Financial Officer, effective April 4, 2022.”

Michael Trzupek resigned as Executive Vice President, Chief Financial Officer and Principal Financial Officer at Core Scientific, Inc./tx.

“Mr. Trzupek's resignation was a personal decision to pursue other business opportunities in the Pacific Northwest and not due to any disagreement with the Company’s management team, operations, financials, policies or procedures.”