Core Scientific to Combine With SPAC Power & Digital Infrastructure Acquisition Corp.

Washington, DC – August 17, 2021 – Cooley advised Core Scientific, a carbon-neutral vertically integrated blockchain infrastructure and mining company, on its merger agreement with special purpose acquisition company (SPAC) Power & Digital Infrastructure Acquisition Corp. The transaction values the combined company, which will be called Core Scientific Inc. and listed on the Nasdaq, at an implied pro forma fully diluted enterprise value of approximately $4.3 billion. Partners Daniel Peale, David Silverman and Nicolas Dumont led the Cooley team advising Core Scientific.

“Our diversified business is positioned to continue supporting the growth and adoption of digital assets globally,” Mike Levitt, co-chairman and CEO of Core Scientific, said in a news release. “We are successfully leveraging our first mover advantage, scale, proprietary designs and software, network of strategic relationships, and culture of innovation to create value for our customers and stakeholders.”

Core Scientific is the leader in customizable infrastructure and software solutions for blockchain networks. Using state-of-the-art facilities, patent pending technology and best-in-class blockchain hosting solutions, the company is primed to power leading-edge servers for large scale operations.

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Related Contacts
Daniel Peale  Partner Washington, DC
David Silverman  Partner New York
Nicolas H.R. Dumont  Partner New York
Kristin Leavy  Special Counsel Washington, DC
Michael Rose  Associate San Francisco
Richard G.S. Lee  Associate Washington, DC
Elizabeth Lewis  Senior Counsel Washington, DC, Reston
Eileen Marshall  Partner Washington, DC, Palo Alto
Matt Finan  Associate Palo Alto
Dustin McKenzie  Associate Washington, DC
Alexander Panisch  Associate New York
Kassendra Galindo  Special Counsel Colorado
Robert Sanchez  Partner Washington, DC, New York
David Safren  Associate New York
Pengli Li  Associate Boston
Michael Zhang  Associate New York
Todd Gluth  Partner San Diego
Howard Morse  Partner Washington, DC
Sharon Connaughton  Special Counsel Washington, DC
Nancy Wojtas  Senior Counsel Palo Alto
David Walsh  Partner Reston
Calvin Lee  Associate New York