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 Associate Colorado
Robert Sanchez Partner Washington, DC, New York
David Safren Associate Washington, DC
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