Core Scientific has rejected an unsolicited non-binding proposal from CoreWeave to acquire all outstanding shares at $5.75 per share in cash. The Board determined that the proposal significantly undervalues the company and is not in shareholders' best interests. The offer came immediately after both companies entered into 12-year contracts for Core Scientific to provide 200 MW of infrastructure for CoreWeave's HPC services.The company will continue executing its previously announced contracts with CoreWeave, which are expected to generate over $3.5 billion in cumulative revenue. With more than 300 MW of additional HPC capacity available, Core Scientific is pursuing potential future transactions with CoreWeave and other HPC customers while maintaining its bitcoin mining operations.Core Scientific believes the predictable, recurring revenue from HPC hosting will balance its bitcoin mining business variability and produce steady cash flows to strengthen earnings power. Moelis & Company LLC and Sidley Austin LLP are serving as financial and legal advisors, respectively. No shareholder action is required at this time.

Core Scientific has rejected an unsolicited non-binding proposal from CoreWeave to acquire all outstanding shares at $5.75 per share in cash. The Board determined that the proposal significantly undervalues the company and is not in shareholders' best interests. The offer came immediately after both companies entered into 12-year contracts for Core Scientific to provide 200 MW of infrastructure for CoreWeave's HPC services.The company will continue executing its previously announced contracts with CoreWeave, which are expected to generate over $3.5 billion in cumulative revenue. With more than 300 MW of additional HPC capacity available, Core Scientific is pursuing potential future transactions with CoreWeave and other HPC customers while maintaining its bitcoin mining operations.Core Scientific believes the predictable, recurring revenue from HPC hosting will balance its bitcoin mining business variability and produce steady cash flows to strengthen earnings power. Moelis & Company LLC and Sidley Austin LLP are serving as financial and legal advisors, respectively. No shareholder action is required at this time.