Core Scientific’s stock performance triggers mandatory conversion of $260 million in secured convertible notes due in 2029.
Bitcoin miner Core Scientific has announced the mandatory conversion of its outstanding secured convertible notes due in 2029.
According to a July 8 announcement, the conversion will result in the exchange of approximately 45 million shares of Core Scientific’s common stock for $260 million of convertible debt.
The mandatory conversion was triggered on July 5, when the trading price of Core’s stock, based on the daily volume weighted average price (VWAP), stayed above $2.1 billion for 20 consecutive trading days. The notes will convert into common stock on July 10. Holders will receive shares based on a conversion price and cash for any partial shares they are entitled to.
