Trinity Capital Exits Its Equity Position in Core Scientific

inbusinessPHX.com

Trinity Capital Inc., a leading provider of diversified financial solutions to growth-stage companies, announced that as of June 4, 2024, it has completed the liquidation of the shares of common stock of Core Scientific that it received in satisfaction of its claim in Core’s Chapter 11 bankruptcy.

Trinity provided $30 million in equipment financing to Core in 2021. Core entered Chapter 11 bankruptcy in December 2022 and exited bankruptcy in January 2024. Trinity was granted a $28.3 million claim in the bankruptcy, and elected to receive shares of Core’s common stock in satisfaction of that claim.

The 5,640,373 shares received were sold at a weighted average price per share of $5.13, resulting in total proceeds of $29.0 million. After the sale of the common stock, the internal rate of return on the initial investment was 17.7%, including loan interest payments received.

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