Cooley, Kirkland Craft SPAC Merger For $4.3B Bitcoin Miner

Law360 (July 21, 2021, 2:03 PM EDT) -- Cryptocurrency miner Core Scientific will go public at a roughly $4.3 billion enterprise value by merging with a private equity-backed special purpose acquisition vehicle in a transaction guided by respective legal advisers Cooley and Kirkland, the companies said Wednesday.

The transaction features Core Scientific Holding Co. being combined with Power & Digital Infrastructure Acquisition Corp., or XPDI, with the resulting entity being called Core Scientific Inc. and trading on the Nasdaq Stock Market, according to a company statement. Core Scientific claims to be the largest digital asset miner, as well as blockchain infrastructure and hosting services provider, in North America.

Upon the...

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