UPDATE: Shares of world's largest bitcoin miner, Core_Scientific, have plummeted nearly 70% in pre-market trading as the firm said it may have to explore bankruptcy if strategic alternatives fail. By JamieCrawleyCD, sheldonreback
The world's largest bitcoin miner, Core Scientific , warned that it may have to explore bankruptcy if it fails to improve its financial condition, sending shares spiralling 70% in pre-market trading.
"Substantial doubt exists about the company’s ability to continue as a going concern for a reasonable period of time," it said in a filing Thursday. Should the capital raise alternatives fail, the firm may have to file for bankruptcy protection, Core Scientific said.due in late October and early November 2022 with respect to several of its equipment and other financings, it said in a filing Thursday. Creditors may decide to sue the company for non-payment or take action with respect to collateral, it said.