Brett Knoblauch

Darren Aftahi

John Todaro

Joseph Flynn

Joseph Vafi

Kevin Dede

Jonathan Petersen

Paul Golding

Rosemary Sisson

Bill Papanastasiou

George Sutton

Lucas Pipes

Nick Giles

Stephen Glagola

Tyler DiMatteo

Gregory Lewis

Joe Vafi

Steven Glagola

- Core Scientific's Board of Directors unanimously recommends stockholders vote **FOR** the proposed all-stock merger with CoreWeave.  **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:1]** **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:10]** 
- Core Scientific stockholders will receive **0.1235 newly-issued shares of CoreWeave Class A common stock** for each share of Core Scientific common stock, resulting in an **8.9% ownership** in the combined company.  **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:1]**  This exchange ratio reflects a **~71% premium** to the 10-day VWAP exchange ratio as of June 25, 2025, and represents a **34% increase** from CoreWeave's initial offer.  **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:1]** **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:9]** 
- The transaction, expected to close in **Q4 2025**, aims to eliminate Core Scientific's **~$7.3 billion financing need** and is projected to generate **$500mm+ in annual run rate cost savings** by the end of 2027.  **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:1]** **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:3]** **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:5]** **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:10]** 
- CoreWeave is Core Scientific's main colocation customer, projected to constitute **~95% of Core Scientific's colocation revenue and ~76% of its total projected revenue in 2026E**.  **[1839341_0001140361-25-038207_ef20057150_ex99-1.htm:3]**  A special meeting for Core Scientific stockholders to vote on the merger is scheduled for **October 30, 2025**.  **[1839341_0001140361-25-038207_ef20057150_8k.htm:1]**

Core Scientific Board Recommends Vote For CoreWeave Merger

- Two Seas Capital LP, the **largest active shareholder** of Core Scientific, Inc. (CORZ), has released an investor presentation opposing the Company's proposed sale to CoreWeave, Inc. (CRWV).  **[1839341_20251013NE95908:0]** 
- Two Seas argues that the proposed transaction, announced on July 7, 2025, provides **inadequate value** to Core Scientific shareholders, citing a flawed process, deficient structure, and an inadequate exchange ratio.  **[1839341_20251013NE95908:0]** 
- The firm believes the transaction **substantially undervalues** Core Scientific, noting that most peer companies have more than doubled in value since the deal's announcement, while Core Scientific's stock has traded down.  **[1839341_20251013NE95908:0]** 
- Two Seas urges Core Scientific shareholders to **vote AGAINST** the proposed transaction on the GOLD proxy card at the special meeting scheduled for **October 30, 2025**.  **[1839341_20251013NE95908:0]**

Two Seas Capital Opposes Core Scientific's Proposed Sale to CoreWeave

- CoreWeave's CEO Michael Intrator has stated that the **$9 billion all-stock offer** to acquire Core Scientific will not be revised, despite significant shareholder dissent and claims that the offer undervalues Core Scientific.  **[1839341_92402ca9c43b46db841fc5950afb08f8]** 
- The acquisition aims to integrate Core Scientific's data center and crypto mining infrastructure to **bolster CoreWeave's AI computing capacity** and is expected to eliminate over **$10 billion in future lease obligations** and generate around **$500 million in annual cost savings by the end of 2027**.  **[1839341_92402ca9c43b46db841fc5950afb08f8]** 
- The deal, which would exchange Core Scientific shares for **0.1235 shares of CoreWeave**, is scheduled for a shareholder vote on **October 30**.  **[1839341_92402ca9c43b46db841fc5950afb08f8]** 
- Following the CEO's remarks, Core Scientific stock **fell 8%**, as some investors value the company closer to **$11.5 billion**.  **[1839341_92402ca9c43b46db841fc5950afb08f8]**

CoreWeave Maintains Core Scientific Acquisition Offer

- **Two Seas Capital LP**, the largest active shareholder of Core Scientific, Inc. (CORZ), has filed a definitive proxy statement urging shareholders to **vote AGAINST** the proposed sale to CoreWeave, Inc..  **[1839341_20250929NE85208:0]** 
- Two Seas opposes the transaction due to an **inadequate valuation, deficient structure, and flawed process** of the terms announced on July 7, 2025.  **[1839341_20250929NE85208:0]** 
- Following the deal announcement, Core Scientific's stock **plunged 18%**.  **[1839341_20250929NE85208:0]** 
- Two Seas believes Core Scientific has strong standalone prospects and that CoreWeave should offer a higher price for the company.  **[1839341_20250929NE85208:1]**

Two Seas Capital Files Proxy Statement Opposing Core Scientific's Sale to CoreWeave

- CoreWeave's stock has **declined over 40% since July** due to **insider selling** following its IPO lockup period and concerns regarding its **$9 billion all-stock acquisition deal for Core Scientific**.  **[1839341_5e6edcddd8f34d4a97f46e7a74dc859b]** 
- Key insiders, including **CEO Michael Intrator** and **Corporate Secretary Kristen McVeety**, have sold millions of shares, with analysts suggesting the rapid pace of selling indicates **overvaluation** and that CoreWeave is a **risky investment** due to **mounting debt**.  **[1839341_5e6edcddd8f34d4a97f46e7a74dc859b]** 
- The drop in CoreWeave's share price has **reduced the value of the Core Scientific acquisition deal**, prompting Core Scientific shareholders to **demand better terms**.  **[1839341_5e6edcddd8f34d4a97f46e7a74dc859b]** 
- Despite these challenges, CoreWeave remains focused on **expanding its AI infrastructure capabilities** and holds a **Moderate Buy consensus** from Wall Street analysts for its longer-term potential.  **[1839341_5e6edcddd8f34d4a97f46e7a74dc859b]**

CoreWeave Stock Declines Amid Insider Selling and Acquisition Renegotiations

Core Scientific, Inc./tx (CORZ)