Core Scientific Forces Conversion of Notes Due 2029 to Reduce $260 Million in Debt

Odaily News Bitcoin mining company Core Scientific announced a forced conversion of its outstanding secured convertible notes due in 2029. According to the July 8 announcement, the conversion will result in approximately 45 million shares of Core Scientific common stock being exchanged for $260 million in convertible debt. The forced conversion was triggered on July 5, when Core's stock remained above $2.1 billion for 20 consecutive trading days based on the daily volume-weighted average price (VWAP). The notes will be converted into common stock on July 10. (Cointelegraph)