Core Scientific's largest active shareholder, Two Seas Capital, is opposing the company's proposed $9 billion all-stock sale to CoreWeave, deeming the offer 'inadequate' and undervalued. The hedge fund, holding a 6.3% stake in Core Scientific, argues that the deal exposes shareholders to CoreWeave's volatile stock without protections. Following the announcement, Core Scientific's stock dropped approximately 30%, raising concerns among investors. The deal's terms suggest that each Core Scientific share is valued at 0.1235 of a CoreWeave share, translating to an effective valuation declining to just over $13 per share. Two Seas expressed disappointment over selling at such an undervalued price, asserting that the transaction favors CoreWeave's interests at the cost of Core Scientific shareholders. With an upcoming shareholder vote on the deal, analysts anticipate potential volatility in both companies' share prices as CoreWeave's lockup expiry approaches.

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