Odaily Planet Daily reports that Bitcoin mining company Core Scientific failed to obtain approval for its merger plan with AI infrastructure company CoreWeave at its shareholder meeting on Thursday. The company stated that the final voting results will be disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.

According to the previously announced acquisition terms, CoreWeave plans to acquire Core Scientific at a valuation of approximately $9 billion, with shareholders receiving shares at a ratio of 0.1235 CoreWeave Class A ordinary shares for each Core Scientific share. However, several shareholders have questioned the valuation of the deal, arguing that the acquisition price significantly undervalues the company. Two Seas Capital, the largest active shareholder, stated in August that the deal "seriously undervalues the company and exposes shareholders to unnecessary financial risks."

Following the announcement, Core Scientific's stock price fell more than 5% on Thursday. This deal, which has garnered significant attention since last year, is seen as a landmark event in the increasing convergence of the Bitcoin mining industry and the field of artificial intelligence. (Cointelegraph)