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Investing.com -- Core Scientific, Inc. (NASDAQ:CORZ) stock initially rose 2.25% after the company’s stockholders rejected the previously announced merger agreement with CoreWeave, Inc. (NASDAQ:CRWV).
The digital infrastructure company, which specializes in high-density colocation services and digital asset mining, held a special meeting of stockholders today where it failed to receive the requisite number of votes to approve the merger.
Core Scientific will report the final voting results from the special meeting in a Form 8-K filing with the U.S. Securities and Exchange Commission.
The market’s positive reaction follows opposition to the merger from investment groups including Two Seas Capital. These investors had argued against the proposed sale to CoreWeave , emphasizing what they described as "significant upside potential" if the merger did not proceed.
After spiking initially, shares later fell 3.75% to $20.1. The stock was still well above the transaction value of between $16.50 and $17 based on CoreWeave’s stock priced.
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