Two Seas Capital, the third largest shareholder in Core Scientific (Corz) With a 6.3%participation, it has been presented against the acquisition of the entire Bitcoin miner stock by the coreweave cloud supplier (CRWV).
In a letter published on Thursday, Two Seas said he intends to vote against the agreement, which was announced on July 7, and plans to gather other shareholders to do the same unless significant changes are made.
The opposition focuses on the non -frank nature of the transaction, which two seas, which unfairly favors, Coreweave and does not reflect the strategic position of Core Scientific in high performance computing (HPC) infrastructure.
“The sale proposed materially to the company and unnecessarily exposes its shareholders to substantial economic risk,” said Sina Toussi, founder of Two Seas.
Corz is moderately on Thursday that is quoted at $ 14.24, substantially below what the approximately $ 20 shares would have validated at the time of the proposed acquisition four weeks ago.
Two seas have backed Corz since 2022, participating in their restructuring and financing rounds after bankruptcy. The firm says that it still believes in the long -term value of Core Scientific and prefers to remain independent if a better offer does not arise.
Despite also maintaining a participation in Coreweave and supporting the idea of a combination, two seas called the current agreement disappointed and pointed out the 30% Core Scientific drop after the announcement of agreement as evidence of concern for investors.
Two seas urged the Board to look for alternative offers, even from Coreweave, but only in terms that reflect the complete strategic value of assets and the growth perspectives of Core Scientific. The firm plans to publish a subsequent analysis and interact with shareholders in the coming weeks.
KBW investment bank analysts predict that Core scientific shareholders can delay the terms of the agreement, given the asset base not changed from the first failed offer of Coreweave and the lack of a cash component, in a report published last month.
Read more: The choreweave stock offer for Core Scientific is likely to draw the scrutiny of the shareholders: KBW
