TechFlow, August 8 — According to Prnewswire, Two Seas Capital, the largest active shareholder of Core Scientific (holding approximately 6.3%), announced on August 7 its intention to vote against the proposed merger between Core Scientific and CoreWeave. Two Seas Capital argues that the all-stock transaction significantly undervalues Core Scientific and exposes shareholders to substantial risk due to the absence of price protection mechanisms.
Two Seas Capital emphasized that Core Scientific holds key advantages in the high-performance computing infrastructure sector, including economies of scale, access to low-cost power, and a strong talent pool in data center operations. Given the rapid growth in computing demand driven by AI advancements, the company possesses strong long-term prospects and does not need to be sold at an unreasonable valuation at this time.
