Power & Digital Infrastructure (XPDI) Shareholders Approve Core Scientific Deal
Power & Digital Infrastructure Acquisition Corp. (NASDAQ:XPDI) announced that its shareholders approved its combination with blockchain hosting and crypto mining firm Core Scientific in a special meeting held yesterday.
Redemptions totaled 36% of XPDI’s common shares eligible to redeem, which is a very good result in the current SPAC market. The transaction generated gross proceeds of approximately $222 million from XPDI’s trust account, resulting in approximately $190 million in net cash proceeds to Core Scientific, after the payment of transaction expenses. The proceeds will be used to fund mining equipment purchases and infrastructure build-out as the company expands its leadership position.
Power & Digital Infrastructure closed the transaction, and the combined company will begin trading on the Nasdaq Stock Market today, January 20, 2022 under the ticker symbols “CORZ” and “CORZW”, respectively. CORZ opened today at $9.74 and is currently up 1.77% at $9.77.
The parties initially announced their $4.3 billion deal on July 21. Bellevue, Washington-based Core Scientific hosts blockchain infrastructure through its own server network, which it also uses to mine Bitcoin and host outsourced mining operations.
- Barclays Capital Inc. is serving as financial and capital markets advisor to XPDI.
- XMS Capital Partners, LLC is serving as financial advisor to XPDI
- Kirkland & Ellis LLP is serving as legal advisors to XPDI.
- Evercore is serving as financial advisor to Core Scientific
- Cooley LLP is serving as legal advisors to Core Scientific.