Bitcoin miner Core Scientific has completed its reorganization and is coming out of Chapter 11 with an improved financial position.

In the latest statement, the company said it anticipates initiating the listing of its common stock, tranche 1 warrants, and tranche 2 warrants on the Nasdaq Global Select Market under the symbols CORZ, CORZW, and CORZZ, respectively, starting from January 24, 2024.

Core Scientific Emerges From Chapter 11

According to the official press release, Core Scientific said the recently implemented reorganization plan resulted in a $400 million reduction in its debt, achieved through the conversion of debt from equipment lenders and convertible note holders into equity. This helped strengthen the company’s financial standing in addition to charting a course for further deleveraging the balance sheet.

The plan involves converting debt from equipment lenders and convertible note holders into equity. It also outlined a strategy for further reducing the balance sheet by converting the remaining convertible debt, exercising warrants for cash, and using cash to repay debt.

Backed by a newly secured credit facility and anticipated operating cash flow, Core Scientific expects to execute its multi-year growth plan successfully.

Adam Sullivan, Core Scientific’s Chief Executive Officer, was quoted saying,

“Throughout the reorganization process, the Company has maintained its position as one of the largest and most consequential bitcoin miners in North America. Now, with a pathway to de-lever our balance sheet, sufficient liquidity, and an unmatched team, we are poised to execute our pragmatic growth plan, continue preparing for the coming halving, and create value by transforming energy into high-value compute for bitcoin mining and other potential applications.”

Core Scientific Plans 50% Capacity Increase in 4 Years

The latest development comes exactly a week after Core Scientific