Two Seas Capital, the largest active shareholder of Core Scientific, has announced plans to vote against CoreWeave's proposed $9 billion buyout offer, claiming it undervalues Core Scientific's business. Holding a 6.5% stake in the company, Two Seas Capital argued that the sale poses substantial economic risks to shareholders and unfairly favors CoreWeave. Following the announcement, Core Scientific's stock price fell by 30%, indicating that other investors share similar concerns. CoreWeave aims to acquire Core Scientific to enhance its data center capacity and meet the increasing demand for AI infrastructure. Core Scientific's unique position in the market is seen as an opportunity for prolonged growth, according to Two Seas Capital. Shares in Core Scientific rose by 3% after the shareholder letter was released, while CoreWeave's stock surged by nearly 9%. The ongoing acquisition discussions have seen several offers from CoreWeave, all of which have been initially rejected as inadequate, leaving the future of the deal uncertain. At present, CoreWeave boasts a market capitalization of over $58.1 billion, compared to Core Scientific's $4.3 billion.

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