Carbon Neutral Core Scientific List Nasdaq

Core Scientific, a carbon-neutral provider of bitcoin mining hosting and infrastructure, announced it has entered a merger agreement with publicly traded acquisition company Power & Digital Infrastructure Acquisition Corp (XPDI).

“We are very pleased to support Core Scientific’s transition to the public markets and believe that [Core Scientific’s] vertical integration will provide a competitive advantage in the industry,” said Ted Brombach, chairman of XPDI, in the announcement.

The merger transaction values the combined company, expected to operate as Core Scientific and remain publicly listed on the Nasdaq, at an implied pro forma fully diluted enterprise value of approximately $4.3 billion. Additionally, it is expected to generate around $300 million in net cash proceeds at closing.

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