Core Scientific (CORZ) shareholders rejected A proposed $9 billion all-stock merger with Coreweave (CRWV), bringing to a halt one of the most anticipated deals in the AI Data Center sector.
Corz was 4.5% higher on the news, while CRWV added modestly to earlier losses, now down 5% for the session.
The quick vote followed recommendations from proxy advisors as well as at least one major Corz investor to oppose the transaction, which Many investors have said undervalued the company’s long-term potential and offered no protection against Coreweave’s stock volatility.
The vote prompted Core Scientific to formally terminate the merger agreement, ending Coreweave’s plan to secure more data center capacity and cut nearly $10 billion in future lease costs.
