Bitcoin miner-turned AI factory Core Scientific (NASDAQ: CORZ) signed a cooperation agreement with activist investor Two Seas Capital Wednesday.
The agreement dictates Core Scientific will appoint up to three independent directors in consultation with Two Seas Capital. The miner must appoint the first director prior to March 15, with a second independent director to join the board by September 15.
A third director will take a board seat prior to the 2027 annual meeting. As part of the agreement, Chairman Jordan Levy will step down and forgo re-election at the 2026 annual meeting. Another current director will depart before the 2027 annual meeting to accommodate the new appointments.
The board will cap its size at nine members until the 2027 meeting. Any deviation from this limit requires prior consent from Two Seas Capital. Two Seas Capital agreed to standard one-year standstill provisions and a mutual non-disparagement pact between the two companies.
This leadership overhaul follows an activist campaign by Two Seas Capital against CoreWeave’s proposed purchase of Core Scientific in October of last year. Two Seas Capital opposed the campaign, rallying shareholders to reject the transaction.
Two Seas Capital further consolidated its ownership stake to 8.1% in December and now holds over 25 million shares.
