Core Scientific's largest shareholder opposes the merger deal between Core Scientific and CoreWeave

ChainCatcher news, according to Prnewswire, Two Seas Capital, as the largest active shareholder of Core Scientific (holding approximately 6.3%), announced on August 7 that it would vote against the merger deal between Core Scientific and Core Weave. Two Seas Capital believes that the all-stock transaction proposal severely undervalues Core Scientific, and the lack of a price protection mechanism will expose shareholders to significant risks.

Two Seas Capital pointed out that Core Scientific has significant advantages in the high-performance computing infrastructure sector, including economies of scale, the ability to acquire low-cost electricity, and a talent pool in data centers. In the context of rapidly growing demand for computing power driven by the development of artificial intelligence, the company has a good long-term development outlook, and there is currently no need to sell at an unreasonable valuation.