Law360 (July 21, 2021, 2:03 p.m. EDT) – Cryptocurrency miner Core Scientific to go public at an enterprise value of approximately $ 4.3 billion by merging with a special purpose acquisition vehicle backed by private equity in a transaction guided by respective legal advisers Cooley and Kirkland, the companies said on Wednesday.
The deal sees Core Scientific Holding Co. combined with Power & Digital Infrastructure Acquisition Corp., or XPDI, with the resulting entity called Core Scientific Inc. and trading on the Nasdaq Stock Market, according to a company statement. Core Scientific claims to be the largest miner of digital assets, as well as a provider of blockchain infrastructure and hosting services, in North America.
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