Core Scientific, Inc. current report, 13 December 2022

Vollständiges Dokument

Core Scientific, Inc. — Form 8-K Summary

Business context and reporting period

Core Scientific, Inc. filed a Current Report on Form 8-K concerning a Nasdaq continued-listing deficiency. The triggering event occurred on December 13, 2022; the report was signed on December 16, 2022.

Financial and operating metrics

The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating results.

Material change and listing deficiency

  • Nasdaq notified the company that its common stock had closed below the $1.00 minimum bid price for 30 consecutive business days.
  • The company therefore no longer satisfied Nasdaq Listing Rule 5450(a)(1), the minimum bid price requirement for continued listing on The Nasdaq Global Select Market.
  • The notice had no immediate effect on the listing of the common stock.
  • The company’s common stock, trading under CORZ, and warrants, trading under CORZW, remained listed on Nasdaq as of the filing.

Compliance period, outlook, and risks

  • The company received an initial 180-calendar-day compliance period ending June 12, 2023.
  • Compliance may be regained if the stock’s closing bid price reaches at least $1.00 per share for a minimum of 10 consecutive business days before the deadline.
  • If the company does not regain compliance during the initial period, it may be eligible for an additional 180-day grace period if it satisfies Nasdaq’s other applicable listing standards, including the market value of publicly held shares requirement, and provides written notice of its intent to cure the deficiency.
  • The company intends to monitor the stock price and may consider available options to regain compliance.
  • There is no assurance that the company will regain compliance or receive an additional extension. Potential consequences include further Nasdaq listing action if the deficiency is not cured.

Investor verification points

  • Verify whether CORZ regained compliance with Nasdaq’s $1.00 minimum bid price requirement by June 12, 2023 or received an additional compliance period.
  • Review subsequent filings for any reverse stock split, other capital-market action, or Nasdaq delisting notice.
  • Assess the company’s separate financial condition, liquidity, debt obligations, and operating performance, which are not addressed in this filing.