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Todd Becker, a director at Core Scientific, Inc. (NASDAQ:CORZ), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Becker sold 134,250 shares of common stock on March 3, 2025, at a weighted average price of $10.75 per share, totaling approximately $1.44 million. The sale price represents a premium to the current trading price of $9.60, with the stock showing remarkable strength over the past year, gaining over 163%. According to InvestingPro analysis, the company currently carries a market capitalization of $2.82 billion.
In addition to the common stock sale, Becker also disposed of various warrants. He sold 10,763 Tranche 1 Warrants at an average price of $5.57 per warrant, and 3,900 Tranche 2 Warrants at an average price of $10.86 per warrant, both on March 3. The following day, March 4, he sold an additional 5,069 Tranche 2 Warrants at an average price of $9.89 per warrant.
Following these transactions, Becker now holds 195,687 shares of common stock directly.
In other recent news, Core Scientific reported a difficult fourth quarter of 2024, with revenue dropping by 33% year-over-year to $94.9 million and a net loss increasing to $265 million from $195.7 million the previous year. Despite these financial challenges, the company successfully reduced its debt by $270 million through Chapter 11 restructuring and ended the year with over $830 million in cash. In a strategic move, Core Scientific appointed Jim Nygaard as its new Chief Financial Officer, effective March 17, 2025, following its emergence from Chapter 11. Nygaard, who has extensive experience in mergers and acquisitions, is expected to aid the company’s growth and shareholder value. The company also announced plans to expand its capacity by adding 400 megawatts over the next three years and aims to achieve investment-grade status within 3-5 years. Additionally, Core Scientific is focusing on diversifying its customer base and has secured a significant HPC hosting contract with CoreWeave, marking a pivotal step in its evolution into a leading data center business. The company is currently in active discussions with new customers, including hyperscale providers, as part of its growth strategy.
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