According to the report filed with the SEC by mining company Core Scientific, the firm posted a third-quarter loss of $434.8 million and has expressed doubts about its ability to continue operations without additional liquidity.
The document says:
“The ability to raise funds through financing and capital market operations comes with many risks and uncertainties, and current market conditions have reduced the availability of these sources. Given the uncertainty surrounding the company’s financial health, there are serious doubts about its ability to continue in business for the foreseeable future until November 2023.”
According to the company’s managers, it has taken steps to reduce or eliminate operating and capital expenditures, construction costs and increase hosting revenues.
Core Scientific has hired law firm Weil Gotshal & Manges and financial advisor PJT Partners to help find alternative liquidity solutions.
