Core Scientific, the Bitcoin mining company that filed for Chapter 11 reorganization in December 2022, is gearing as a lot as exit chapter in the next few days.

In a press delivery on Tuesday, the company launched that the chapter court has licensed the company’s reorganization belief, clearing the model for them to re-checklist shares on the Nasdaq by the pause of January 2024.

Below the phrases of the belief, Core’s shareholders will score shares of the firm’s new total stock, representing 60% of the brand new equity. The records comes on the heels of Core’s oversubscribed $55 million equity rights offering, which became finished earlier this month.

Core CEO Adam Sullivan described the belief’s affirmation as a “defining moment,” noting that the firm would emerge from chapter even stronger than earlier than.

“With query for Bitcoin and excessive-sign compute persevering with to upward push, we sight forward to creating sign for our shareholders as we carry out our grunt belief, de-lever our steadiness sheet and produce superior efficiency at scale,” stated Sullivan.

Core declared chapter when Bitcoin had fallen to a low of $16,000, following a chance of crypto companies that either shut down or downsized in light of the crypto winter. Bitcoin is now changing palms at spherical $43,000 after rising better than 150% over the ideal 365 days, largely pushed by the approval of 11 region Bitcoin replace traded funds (ETFs) that started shopping and selling ideal week.

Nonetheless, a file from CoinShares earlier this week suggested that handiest a handful of Bitcoin miners could maybe well remain winning after the upcoming Bitcoin halving which is scheduled to happen in March.