Movement Alert｜Core Scientific, Inc. Rises 5.4% in Regular Trading, Secures $600 Million Senior Secured Credit Facilities

Market Focus08-27 22:31

On August 27, Core Scientific, Inc. rose 5.4% in regular trading, trading at $18.31 per share, with turnover of $34.4 million.

On the news front, the company announced it has entered into $600 million worth of committed senior secured credit facilities, consisting of a $100 million revolving credit facility and a $500 million letter of credit facility. Proceeds under the revolving credit facility may be used for general corporate purposes, while the letter of credit facility may be used for credit support for specific project obligations.

The financing bolsters the company's capital reserves following its recent completion of the approximately $444 million cash acquisition of Polaris DS, which added about 440 megawatts of grid-connected power capacity in Oklahoma. Core Scientific has also signed a partnership with AMD for up to 2.5 gigawatts of data center capacity, with over 500 megawatts expected to begin delivery in 2027. Analysts remain broadly constructive, with B. Riley maintaining a Buy rating and raising its price target to $42.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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