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Mining firm Crypto Core Scientific is coming out of bankruptcy after a court confirmed its reorganization plans, the company announced on Tuesday.
"The United States Bankruptcy Court for the Southern District of Texas has confirmed the Company's Chapter 11 reorganization plans," Core Scientific said, adding that it plans to re-list its shares on the Nasdaq by the end of January.
Under the reorganization plan, the company's shareholders will receive approximately 60% of Core Scientific's new equity, and the company will pay its debt in full.
Earlier in January, Core Scientific announced the closing of an oversubscribed $55 million Equity Rights Offering."
"Today's confirmation of plans is a defining moment in our reorganization; we are poised to emerge by the end of this month as a stronger company, with a highly motivated team aligned for success," Core Scientific CEO Adam Sullivan said in a statement.