According to a report by 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 seriously 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, low-cost electricity acquisition capability, and a talent pool in data centers. In the context of rapidly increasing demand for computing power driven by the development of artificial intelligence, the company has good long-term development prospects and there is currently no need to sell at an unreasonable valuation.