Two Seas Capital urges Core Scientific holders to vote against sale to CoreWeave

Two Seas Capital, an alternative investment management firm and one of the largest shareholders of Core Scientific (CORZ), issued a letter to shareholders in connection with its opposition to the company’s proposed sale to CoreWeave (CRWV) on the terms announced on July 7. In it, Two Seas urges shareholders to vote against the proposed transaction on the Gold proxy card. It cited evidence demonstrating the proposed transaction substantially undervalues Core Scientific. The letter stated, in part, “The market is clearly skeptical of this merger, and for good reason: CoreWeave is attempting to acquire Core Scientific at a valuation that does not reflect the company’s opportunity, at a time of unprecedented value creation across the sector. We firmly believe Core Scientific’s alternatives are far superior to this flawed transaction. We urge our fellow shareholders to join us in voting AGAINST the proposed transaction on the GOLD proxy card, so that Core Scientific shareholders can realize further upside from owning one of the best assets in the AI landscape.”