What ho, here’s the lowdown: 🕵️♂️
- Two Seas Capital, the third-largest shareholder in Core Scientific, has decided the CoreWeave deal is about as appealing as a troll’s breath. 🦄 They’re voting a big, fat “NOPE” on the grounds it’s structurally flawed and undervalued. 📉
- While they’re not against a merger in principle (after all, who doesn’t love a good corporate cuddle?), they reckon the current terms are as fair as a tax collector’s smile. 😒 CoreWeave gets the lion’s share, leaving Core Scientific shareholders holding the bag of risk. 🎲
- Two Seas is now on a quest to rally fellow shareholders like a wizard gathering a mob for a good old-fashioned protest. They’re demanding better terms or, failing that, a higher bid. 🏰
Two Seas Capital, holding a tidy 6.3% stake in Core Scientific (CORZ), has decided the proposed all-stock acquisition by CoreWeave (CRWV) is about as sensible as putting a wizard’s hat on a tortoise and calling it a dragon. 🐢🔥 In a letter that’s more dramatic than a dwarf with a grudge, they’ve declared their intention to vote against the deal unless it gets a serious makeover. ✉️
The main beef? The deal’s all-stock, uncollared nature, which Two Seas says is as unbalanced as a one-legged chair. 🪑 Sina Toussi, founder of Two Seas, put it bluntly: “This deal undervalues the company more than a goblin undervalues honesty.” 💰
CORZ shares are currently trading at $14.24, a far cry from the $20 they would’ve been worth when the deal was first announced. Talk about a magical price drop! 🎩✨
Two Seas, who’ve been backing CORZ since 2022 (through bankruptcy and all), still believe in its long-term potential. They’d rather see it stay independent than settle for a deal that’s as satisfying as a half-eaten pie. 🥧
Despite also having a stake in CoreWeave (because why not hedge your bets?), Two Seas thinks the current deal is as underwhelming as a fireworks display in a fog. They point to the 30% stock drop after the announcement as proof that investors are as thrilled as a cat in a bath. 🐱🛁
Two Seas is now urging the board to either sweeten the deal or find a better suitor. They’re planning to release more analysis and rally shareholders like a bard gathering a crowd for a tale of woe. 🎭
Analysts at KBW had already predicted shareholders might push back, given the lack of a cash component and the unchanged asset base. Turns out, they were as right as a wizard with a crystal ball. 🔮
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2025-08-07 23:01