Two Seas Capital Plans to Vote Against Core Scientific’s Acquisition by CoreWeave
Two Seas Capital, holding a 6.3% stake in Core Scientific (CORZ), opposes the proposed all-stock acquisition by CoreWeave (CRWV). Key points include:
- Two Seas plans to vote against the acquisition and rally other shareholders unless changes are made.
- The firm argues the deal unfairly favors CoreWeave and undervalues Core Scientific's position in high-performance computing (HPC).
- Sina Toussi, founder of Two Seas, stated the sale exposes shareholders to economic risk.
- CORZ shares are trading at $14.24, below the estimated $20 value prior to the acquisition announcement.
- Two Seas has supported CORZ since 2022 and prefers it remains independent unless a better offer arises.
- The firm's analysis cites a 30% stock drop post-announcement as evidence of investor concern.
- Analysts predict shareholder pushback due to unchanged asset base and absence of cash in the deal.