What Happened At The Special Meeting Of Shareholders?
In July, CoreWeave proposed to purchase Core Scientific through an all-stock merger, valued at $9 billion.
- Core Scientific shareholders declined to approve the merger at a special meeting.
- Core Scientific’s stock fell 2% but the ticker witnessed strong bullish sentiment on Stocktwits.
Core Scientific, Inc. (CORZ) on Thursday announced the termination of its merger agreement with CoreWeave, Inc. (CRWV) after the company’s shareholders declined to approve the merger at a special meeting.
Following the voting results, Core Scientific stock traded over 2% lower on Thursday afternoon. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory amid ‘extremely high’ message volume levels.
What Was In The Merger Proposal?
In July, CoreWeave proposed to purchase Core Scientific through an all-stock merger, valued at $9 billion. Core Scientific initially turned down the proposal, citing concerns that the bid undervalued the company.
However, the firm consequently agreed and wrote to its shareholders to provide support for the merger.
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