Two Seas Capital, the largest active shareholder of Core Scientific Inc (NASDAQ:CORZ), on Friday announced it will vote against the proposed all-stock acquisition by CoreWeave (NASDAQ:CRWV), citing a significantly undervalued offer and structural flaws that expose shareholders to undue risk.
In an open letter released on Thursday, the New York-based investment firm disclosed it holds more than 19.1 million shares, approximately 6.3% of Core Scientific's outstanding stock and criticized the terms of the July 7 deal, particularly the uncollared, all-stock structure, which leaves Core Scientific shareholders vulnerable to CoreWeave's share price volatility.
