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Core Scientific, Inc. (NASDAQ:CORZ) announced Friday that its shareholders did not approve the proposed merger with CoreWeave, Inc., resulting in the immediate termination of the merger agreement. The information is based on a press release statement filed with the U.S. Securities and Exchange Commission.
The special meeting of shareholders took place Thursday. The merger agreement, originally signed on July 7, 2025, would have seen Core Scientific merge with a wholly owned subsidiary of CoreWeave, making Core Scientific a wholly owned subsidiary of CoreWeave.
At the meeting, 245,792,464 shares, representing approximately 79.97% of the company’s outstanding common stock as of the record date, were present or represented by proxy, constituting a quorum. Of the votes cast on the merger proposal, 20,752,327 were in favor, 203,451,498 were against, and 21,588,639 abstained. The proposal did not receive the necessary approval from shareholders.
A separate advisory vote on compensation for named executive officers related to the merger agreement also did not pass. There were 10,019,439 votes in favor, 230,070,106 against, and 5,702,921 abstentions.
Following the vote, Core Scientific terminated the merger agreement on Thursday, in accordance with its terms.
Core Scientific’s common stock and warrants continue to be listed on The Nasdaq Global Select Market under the symbols CORZ, CORZW, and CORZZ.
In other recent news, Core Scientific, Inc. announced the termination of its merger agreement with CoreWeave, Inc. after failing to secure the necessary shareholder votes. This decision was made following a special meeting where stockholders did not approve the merger. Additionally, Craig-Hallum upgraded Core Scientific’s stock from Hold to Buy, setting a price target of $27.00. This upgrade reflects a growing investor interest in companies involved in AI data center infrastructure, aligning with the shift in market sentiment. Meanwhile, Jefferies raised its price target for Core Scientific from $22.00 to $24.00, maintaining a Buy rating. Jefferies had anticipated the rejection of the merger, noting that the company’s current trading price suggests investors believe the offer undervalued Core Scientific. These recent developments indicate a dynamic period for the company, with significant changes in stockholder sentiment and analyst evaluations.
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