Core Scientific, Inc. Appoints Adam Sullivan as CEO to Lead the Company's Next Phase of Growth
Sullivan's contributions as President have strengthened the organization and enhanced its operational excellence
Core Scientific, Inc. (OTC:CORZQ) ("Core Scientific" or "the Company"), a leader in high-performance blockchain computing data centers and software solutions, today announced Adam Sullivan has been appointed Chief Executive Officer. Adam assumes the CEO position after serving as President of Core Scientific. Mike Levitt will continue as the Chairman of the Board of Directors.
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Adam Sullivan, Core Scientific Chief Executive Officer (Photo: Business Wire)
Since joining the company, Adam has redesigned Core's organizational structure, enhanced the Company's restructuring efforts and improved communication and collaboration across functions. Adam's expertise and strategic vision for the future of Core Scientific has resulted in increased engagement across the team.
"Adam has been instrumental to Core Scientific in his role as President. He has demonstrated the ability to align, empower and energize Core Scientific's outstanding team," said Chairman Mike Levitt. "Our next phase of growth as a company will only be enhanced by his leadership."
"I am honored and grateful to Chairman Mike Levitt, the Board of Directors and our outstanding team for their trust in me to serve as Chief Executive Officer of this organization," said Adam Sullivan. "Core Scientific is extremely well positioned to emerge from the restructuring process as a more efficient, more focused and stronger company with a clear roadmap to expand our capacity cost-effectively as a North American leader in bitcoin mining."
Based on updated reporting information since the Company's July 5 press release, as of June 30, 2023, Core Scientific operated approximately 211,000 bitcoin miners for both colocation and self-mining, representing a total potential hash rate of 22.2 exahashes per second at its data center facilities in Georgia, Kentucky, North Carolina, North Dakota and Texas. Core Scientific's self-mining operations produced 1,030 bitcoin in June, and 7,768 bitcoin in the first half of the year, more than any other listed bitcoin miner in North America.
ABOUT ADAM SULLIVAN
Adam Sullivan has more than a decade of experience in financial services, with a focus on investment banking in the digital assets and infrastructure space. His expertise spans strategy development, corporate finance and M&A. Prior to joining Core Scientific as President in 2023, Adam served as a Managing Director and Head of Digital Assets and Infrastructure at XMS Capital Partners. In his role at XMS, Adam established himself as one of the key facilitators for M&A and capital raises in the crypto mining industry, overseeing more than $5 billion of transactions, including Core Scientific's business combination with Power & Digital Infrastructure Acquisition Corp. ("XPDI") (NASDAQ:XPDI) in 2021. He previously served at Indian Wells Capital Management and M&T Bank. Adam received his Bachelor of Arts in Financial Economics from the University of Rochester.
ABOUT CORE SCIENTIFIC
Core Scientific (OTC:CORZQ) is one of the largest blockchain computing data center providers and miners of digital assets in North America. Core Scientific has operated blockchain computing data centers in North America since 2017, using its facilities and intellectual property portfolio for colocated digital asset mining and self-mining. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas. Core Scientific's proprietary Minder® fleet management software combines the Company's colocation expertise with data analytics to deliver maximum uptime, alerting, monitoring and management of all miners in the Company's network. To learn more, visit http://www.corescientific.com.
FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release includes "forward-looking statements'' within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, those related to the Company's ability to scale and grow its business, meet its expected operating plan, source clean and renewable energy, the advantages and expected growth of the Company, future estimates of revenue, net income, adjusted EBITDA, total debt, free cash flow, liquidity and future financing availability, future estimates of computing capacity and operating capacity, future demand for colocation capacity, future estimate of hash rate (including mix of self-mining and colocation) and operating gigawatts, future projects in construction or negotiation and future expectations of operation location, orders for miners and critical infrastructure, future estimates of self-mining capacity, the public float of the Company's shares, future infrastructure additions and their operational capacity, and operating capacity and site features of the Company's operations and planned operations. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the Company's ability to obtain bankruptcy court approval with respect to motions in its Chapter 11 cases, successfully enter into and implement a restructuring plan, emerge from Chapter 11 and achieve significant cash flows from operations; the effects of the Chapter 11 cases on the Company and on the interests of various constituents, bankruptcy court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time the Company will operate under the Chapter 11 cases, risks associated with any third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on the Company's liquidity or results of operations and increased legal and other professional costs necessary to execute the Company's reorganization; satisfaction of any conditions to which the Company's debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of the Company's control; the consequences of the acceleration of the Company's debt obligations; the trading price and volatility of the Company's common stock as well as other risk factors set forth in the Company's reports filed with the U.S. Securities & Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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