Core Scientific plans to convert $260 million of debt into 45 million shares of common stock

According to ChainCatcher news, Bitcoin miner Core Scientific announced that it will forcibly convert its outstanding secured convertible notes on July 10. After the forced conversion of the notes, approximately 45 million shares of the company's common stock will be issued in exchange for $260 million of convertible debt, thereby removing $260 million of debt from the company's balance sheet.