Shares of blockchain computing data centers operator Core Scientific (NASDAQ: CORZ) nosedived in the pre-market session today after the company filed for bankruptcy protection under Chapter 11.
The company has undertaken the move after discussions with its stakeholders and anticipates entering into a restructuring support agreement with the Ad Hoc noteholder group, which comprises over 50% of its convertible note holders.
During the process and after emerging from Chapter 11, Core plans to continue operating its current self-mining and hosting activities.
CORZ shares have now tanked nearly 98% this year.
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