Two Seas Capital: CoreWeave, Core Scientific deal ‘undervalues’ Core Scientific

Two Seas Capital, an alternative investment management firm which beneficially owns approximately 6.5% of Core Scientific’s (CORZ) outstanding shares and also owns a “meaningful” position in CoreWeave (CRWV), says it believes strongly that the proposed merger with CoreWeave significantly undervalues Core Scientific, and is “compelled to bring our concerns directly to our fellow stockholders and publicly advocate against this suboptimal transaction.” In a presentation, Two Seas says the process was “flawed,” the structure of the deal is “deficient,” and the price is “inadequate.” Core Scientific’s Board “had full latitude to consider alternatives but chose not to run a real process,” Two Seas argues.