Summary by Moomoo AI
On January 23, 2024, Sphere 3D Corp., a carbon-neutral Bitcoin mining company, announced a settlement agreement with Core Scientific, Inc., which was approved by U.S. Bankruptcy Judge Christopher M. Lopez on January 16, 2024. The agreement, part of Core's emergence from bankruptcy, grants Sphere 3D $10 million in Core's equity and access to additional equity if its value decreases within 18 months post-settlement. Sphere 3D and Core have mutually released claims against each other, preserving Sphere 3D's claims against Gryphon Digital Mining, Inc. for failing to file a timely proof of claim in Core's bankruptcy proceedings. Sphere 3D's CEO, Patricia Trompeter, stated that the settlement provides non-dilutive capital to support the company's strategic growth initiatives and allows for the recovery of capital. Sphere 3D emphasizes its commitment to environmental, social, and governance standards while focusing on expanding its Bitcoin mining operations.