Core Scientific's largest shareholder opposes the merger deal between Core Scientific and CoreWeave

according to Prnewswire, Two Seas Capital, as the largest active shareholder of Core Scientific (holding approximately 6.3%), announced on August 7 that it would vote against the merger deal between Core Scientific and Core Weave. Two Seas Capital believes that the all-stock transaction proposal severely undervalues Core Scientific, and the lack of a price protection mechanism will expose shareholders to significant risks.

Two Seas Capital pointed out that Core Scientific has significant advantages in the high-performance computing infrastructure sector, including economies of scale, the ability to acquire low-cost electricity, and a talent pool in data centers. In the context of rapidly growing demand for computing power driven by the development of artificial intelligence, the company has a good long-term development outlook, and there is currently no need to sell at an unreasonable valuation.