Core Scientific's largest shareholder to vote against sale to CoreWeave

(Reuters) - Two Seas Capital, the largest shareholder of Core Scientific (CORZ.O), issued an open letter on Thursday saying it would vote against the company's proposed sale to CoreWeave (CRWV.O).

The investment management firm owns roughly 6.3% of the crypto miner and said the sale "materially undervalues" Core Scientific and unnecessarily exposes its shareholders to substantial economic risk.

Shares of Core Scientific were marginally down, while CoreWeave's stock was 6% higher but unchanged on the news.

CoreWeave announced its intention to buy Core Scientific last month in an all-stock deal valued at about $9 billion.