<SEC-DOCUMENT>0000902664-25-004496.txt : 20251021
<SEC-HEADER>0000902664-25-004496.hdr.sgml : 20251021
<ACCEPTANCE-DATETIME>20251021172219
ACCESSION NUMBER:		0000902664-25-004496
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251021
DATE AS OF CHANGE:		20251021

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Core Scientific, Inc./tx
		CENTRAL INDEX KEY:			0001839341
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40046
		FILM NUMBER:		251408001

	BUSINESS ADDRESS:	
		STREET 1:		838 WALKER ROAD
		STREET 2:		SUITE 21-2105
		CITY:			DOVER
		STATE:			DE
		ZIP:			19904
		BUSINESS PHONE:		(425) 998-5300

	MAIL ADDRESS:	
		STREET 1:		838 WALKER ROAD
		STREET 2:		SUITE 21-2105
		CITY:			DOVER
		STATE:			DE
		ZIP:			19904

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Power & Digital Infrastructure Acquisition Corp.
		DATE OF NAME CHANGE:	20210106

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Two Seas Capital LP
		CENTRAL INDEX KEY:			0001823138
		ORGANIZATION NAME:           	
		EIN:				843799363
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		32 ELM PLACE, 3RD FLOOR
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		917.536.6028

	MAIL ADDRESS:	
		STREET 1:		32 ELM PLACE, 3RD FLOOR
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kairos Capital Management LP
		DATE OF NAME CHANGE:	20200831
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p25-2227dfan14a.htm
<DESCRIPTION>CORE SCIENTIFIC, INC.
<TEXT>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
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    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Core Scientific, Inc.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two Seas Capital LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two Seas Capital GP LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sina Toussi</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white">(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">No fee required.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</TD></TR>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On October 21, 2025, Two Seas Capital LP
issued the following press releases:</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt/98% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 4.9pt; text-align: center; text-indent: -4.9pt"><B>Leading Proxy
Advisory Firm Institutional Shareholder Services Recommends Core Scientific Shareholders Vote &#8220;<U>AGAINST</U>&#8221; Sale to CoreWeave
on GOLD Proxy Card</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>ISS Highlights Numerous Concerns Regarding
the Sale Process, Deal Structure and <FONT STYLE="letter-spacing: -0.1pt">Valuation</FONT></I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>Agrees with Two Seas That the Board&#8217;s
Flawed Process Did Not Maximize Value for <FONT STYLE="letter-spacing: -0.1pt">Shareholders</FONT></I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">NEW YORK, October 21, 2025 -- Two Seas Capital LP (&quot;Two Seas&quot;
or &quot;we&quot;), an alternative investment management firm and one of the largest shareholders of Core Scientific, Inc. (&quot;Core
Scientific&quot; or the &quot;Company&quot;) (NASDAQ: CORZ), today applauded leading independent proxy advisory firm Institutional Shareholder
Services Inc.&#8217;s (&#8220;ISS&#8221;) recommendation that shareholders of Core Scientific vote &#8220;<B><U>AGAINST</U></B>&#8221;
the Company&#8217;s proposed sale to CoreWeave, Inc. (&quot;CoreWeave&quot;) (NASDAQ: CRWV) on the terms announced on July 7, 2025 (the
&#8220;Proposed <FONT STYLE="letter-spacing: -0.1pt">Merger&#8221;).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Sina Toussi, Founder and Chief Investment Officer of Two Seas, <FONT STYLE="letter-spacing: -0.1pt">stated:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 19.8pt 12pt 0.5in">&#8220;ISS&#8217;s recommendation reinforces our view
that the Proposed Merger is not in the best interests of Core Scientific shareholders and does not reflect the value of the Company&#8217;s
opportunity. Since the Proposed Merger was announced, unprecedented investment in the AI infrastructure build-out has continued, with
companies announcing significant HPC hosting and other similar agreements seemingly every week. Valuations across the sector have risen
dramatically, but Core Scientific has been left behind due to its association with CoreWeave&#8217;s volatile and underperforming stock.
We, as Core Scientific shareholders, have been unable to participate in one of the most incredible growth opportunities in the history
of the capital markets.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 19.2pt 12pt 0.5in">We believe Core Scientific can do much better than this
flawed transaction, and we are pleased that ISS agrees. We urge all shareholders to follow the recommendation put forth by ISS and vote
AGAINST the Proposed Merger on the GOLD proxy card so that they can realize the potential associated from owning one of the best assets
in the AI <FONT STYLE="letter-spacing: -0.1pt">landscape.&#8221;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">ISS stated in its report: &#8220;The board conducted an exclusive
process on a short timeline, and it did not obtain downside protection against the volatility of the acquisition currency, which was still
subject to a lockup. Thus, it is difficult to conclude that the process was run in a manner that maximized the likelihood of securing
the best available terms for shareholders, or that the process in fact did so.&#8221;<FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">In making its recommendation, ISS concluded that the Proposed Merger
is the result of a <I>flawed process</I>, burdened by a <I>deficient structure </I>and an <I>inadequate valuation</I>. Specifically, ISS
stated the following:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B><U>A Flawed <FONT STYLE="letter-spacing: -0.1pt">Process</FONT></U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">&#8220;During the sale process, <B>the board appeared to have an expeditious timeline in mind</B>&#8230; However, speed needs to be balanced against thoroughness. As discussed above, <B>there are questions about whether the board fully evaluated alternatives</B>. Ultimately, it is <B>unclear why the board needed to pursue the sale process in this <FONT STYLE="letter-spacing: -0.1pt">manner</FONT></B><FONT STYLE="letter-spacing: -0.1pt">.&#8221;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#8220;It is <B>unclear from the proxy whether the board discussed the possibility of reaching out to financial acquirers</B>&#8230; Given the demonstrated interest by financial acquirers in the company's self-identified competitors, <B>shareholders may have expected formal outreach to these parties</B>.&#8221;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">___________________</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>1</SUP> Permission to use quotes neither sought nor obtained. Emphasis
<FONT STYLE="letter-spacing: -0.1pt">added.</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0"><B><U>A Deficient <FONT STYLE="letter-spacing: -0.1pt">Structure</FONT></U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">&#8230;[S]hareholders can reasonably ask why <B>the board did not insist on a structure that added a measure of certainty </B>that they would receive the value negotiated by the <FONT STYLE="letter-spacing: -0.1pt">board.&#8221;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#8220;&#8230;[T]he board notes that collars are rare. Even if true, it does not address the underlying [sic] criticism, and <B>the board could rightly be asked why it did not do something that is not commonplace when that action would have been in service of discharging its duty to shareholders</B>.&#8221;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0"><B><U>An Inadequate <FONT STYLE="letter-spacing: -0.1pt">Valuation</FONT></U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">&#8220;CORZ share price since announcement has <B>sent a clear signal that the market believes the company's value is greater than the offer</B>. Since expiration of the post- IPO lockups on CRWV shares, CORZ shares have consistently closed at a double-digit premium to the offer.&#8221;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#8220;&#8230;[T]here is evidence that the market has held the view since mid-August that <B>CORZ is more valuable than what CRWV is willing to pay for it</B>. Importantly, the spread has changed little in response to CRWV's two explicit denials that it would increase the <FONT STYLE="letter-spacing: -0.1pt">offer.&#8221;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#8220;<B>CORZ shares have not closed below the offer since Aug. 13, 2025</B>, which coincided with expiration of the CRWV IPO-related lockups. Since then, CORZ shares have closed at a median 12.5 percent premium to the offer.&#8221;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 21.45pt 0 0; text-align: justify">Two Seas urges Core Scientific shareholders
to vote AGAINST the proposed transaction on the GOLD proxy card ahead of the Company&#8217;s special meeting of shareholders, which is
scheduled to be held on October 30, 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>About Two Seas Capital <FONT STYLE="letter-spacing: -0.25pt">LP</FONT></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Two Seas, founded in 2020 and led by Chief Investment Officer Sina Toussi,
specializes in event-driven investing anchored by rigorous fundamental research and a targeted focus on special situations. With approximately
$2.0 billion in assets under management, Two Seas' approach is designed to uncover market inefficiencies where value can be realized through
the resolution of legal and regulatory events. The Two Seas team is highly regarded for its rigorous due diligence and its ability to
translate complex and dynamic scenarios into actionable investment opportunities.</P>

<P STYLE="font: 11pt/25pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="letter-spacing: -0.1pt"><B>Contacts</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investors</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Scott Winter / Jonathan Salzberger</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Innisfree M&amp;A Incorporated</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">info@innisfreema.com</FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">(212) 750-<FONT STYLE="letter-spacing: -0.2pt">5833</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.2pt"></FONT><FONT STYLE="letter-spacing: -0.1pt"><B>Media</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Steve Bruce / Taylor Ingraham / Keely Gispan</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">ASC Advisors</P>

<P STYLE="font: 11pt/12.55pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">twoseas@ascadvisors.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">(203) 992-<FONT STYLE="letter-spacing: -0.2pt">1230</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="letter-spacing: -0.1pt"><B>Disclaimer</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">This press release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase
or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Core Scientific or CoreWeave
will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions
and opinions herein are for general information only, and are not intended to provide investment advice.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">This press release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements
regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product
development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words
&quot;expects&quot;, &quot;anticipates&quot;, &quot;believes&quot;, &quot;intends&quot;, &quot;estimates&quot;, &quot;plans&quot;, &quot;will
be&quot; and similar expressions. Although Two Seas believes that the expectations reflected in forward-looking statements contained herein
are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties&#8212;many
of which are difficult to predict and are generally beyond the control of Two Seas, Core Scientific or CoreWeave&#8212;that could cause
actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information
and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction
with the risks and cautionary statements discussed or identified in Core Scientific and CoreWeave's respective public filings with the
U.S. Securities and Exchange Commission, including those listed under &quot;Risk Factors&quot; in annual reports on Form 10-K and quarterly
reports on Form 10-Q and those related to the pending transaction involving Core Scientific and CoreWeave (the &quot;Pending Transaction&quot;).
The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Two Seas does not undertake
any obligation to update or revise any forward-looking information or statements. Certain information included in this material is based
on data obtained from sources considered to be reliable. Any analyses provided to assist the recipient of this material in evaluating
the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that
produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction
of future results. All figures are unaudited estimates and, unless required by law, are subject to revision without notice.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Funds and investment vehicles (collectively, the &quot;Two Seas Funds&quot;)
managed by Two Seas currently beneficially own shares of Core Scientific and CoreWeave. The Two Seas Funds are in the business of trading
(i.e., buying and selling) securities and intend to continue trading in the securities of Core Scientific and CoreWeave. You should assume
the Two Seas Funds will from time to time sell all or a portion of their holdings of Core Scientific and/or CoreWeave in open market
transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options,
puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Two Seas' beneficial ownership of shares of,
and/or economic interest in, Core Scientific and/or CoreWeave may vary over time depending on various factors, with or without regard
to Two Seas' views of the Pending Transaction or Core Scientific and/or CoreWeave's respective businesses, prospects, or valuations (including
the market price of Core Scientific and/or CoreWeave shares), including, without limitation, other investment opportunities available
to Two Seas, concentration of positions in the portfolios managed by Two Seas, conditions in the securities markets, and general economic
and industry conditions. Without limiting the generality of the foregoing, in the event of a change in Core Scientific and/or CoreWeave's
respective share prices on or following the date hereof, the Two Seas Funds may buy additional shares or sell all or a portion of their
holdings of Core Scientific and/or CoreWeave (including, in each case, by trading in options, puts, calls, swaps, or other derivative
instruments). Two Seas also reserves the right to change the opinions expressed herein and its intentions with respect to its investments
in Core Scientific and CoreWeave, and to take any actions with respect to its investments in Core Scientific and CoreWeave as it may
deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required
by law.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Important <FONT STYLE="letter-spacing: -0.1pt">Information</FONT></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Two Seas, Two Seas Capital GP LLC (&quot;Two Seas GP&quot;), and Sina Toussi
(&quot;Mr. Toussi&quot; and, together with Two Seas and Two Seas GP, the &quot;Participants&quot;) have filed a definitive proxy statement
and GOLD proxy card (the &quot;Proxy Statement&quot;) with the SEC on September 29, 2025 to be used to solicit proxies for votes against
the proposed acquisition of Core Scientific by CoreWeave at the upcoming special meeting of the Company's shareholders. THE PARTICIPANTS
STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE
COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. Additional information about the Participants and a description of their direct
or indirect interests by security holdings or otherwise can be found in Exhibit 2 of the Schedule 14A filed by Two Seas with the SEC on
October 10, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0 0 4.95pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: center"><B>Second Leading Independent Proxy Advisory
Firm Glass Lewis Joins ISS In<BR>
Recommending Core Scientific Shareholders Vote &ldquo;<U>AGAINST</U>&rdquo; Proposed Sale to<BR>
CoreWeave on GOLD Proxy Card</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">NEW YORK, October 21, 2025 -- Two Seas Capital LP (&quot;Two Seas&quot;
or &quot;we&quot;), an alternative investment management firm and one of the largest shareholders of Core Scientific, Inc. (&quot;Core
Scientific&quot; or the &quot;Company&quot;) (NASDAQ: CORZ), today welcomed the recommendations of both leading independent proxy advisory
firms, Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;) and Glass Lewis &amp; Co., LLC (&ldquo;Glass Lewis&rdquo;), that shareholders
of Core Scientific vote &ldquo;<B><U>AGAINST</U></B>&rdquo; the Company&rsquo;s proposed sale to CoreWeave, Inc. (&quot;CoreWeave&quot;)
(NASDAQ: CRWV) (the &ldquo;Proposed Merger&rdquo;) ahead of the Company's special meeting of shareholders, which is scheduled to be held
on October 30, 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">In its report, Glass Lewis stated: &ldquo;...[T]he market&rsquo;s
prolonged discount of the deal&rsquo;s implied value to Core Scientific's share price&mdash;combined with the absence of any mechanisms
to mitigate downside risk&mdash;indicates that the proposed exchange does not adequately compensate Core Scientific shareholders for the
risks inherent in the CoreWeave consideration. Thus, barring a further improvement to the deal terms, we believe shareholders would be
better served by rejecting the proposed merger and continuing on its stand-alone effort.&rdquo;<SUP>1</SUP></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">&ldquo;We are pleased that Glass Lewis has joined ISS in recommending
that shareholders vote AGAINST the Proposed Merger,&rdquo; said Sina Toussi, Founder and Chief Investment Officer of Two Seas. &ldquo;We
appreciate Glass Lewis recognizing the serious flaws in this underwhelming transaction and highlighting the compelling standalone potential
of Core Scientific. Core Scientific shareholders are owners of one of the most promising assets in the rapidly growing AI landscape, and
in our view, the Proposed Merger does not adequately compensate shareholders for that value. We urge shareholders to follow the recommendations
put forth by Glass Lewis and ISS by voting AGAINST the Proposed Merger on the GOLD proxy card so that they can realize Core Scientific&rsquo;s
full potential.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">Like ISS, Glass Lewis concluded that the Proposed Merger is burdened
by a <I>deficient structure </I>and an <I>inadequate valuation</I> and also highlighted Core Scientific&rsquo;s <I>compelling standalone
potential,</I> stating the following:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><B><U>A Deficient Structure</U></B></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt">&nbsp;</TD><TD STYLE="width: 17.85pt">&bull; </TD><TD>&ldquo;...[There are] broader <B>concerns about how risk and value were allocated in the transaction
structure</B>, particularly the <B>board&rsquo;s decision not to insist on price protection for Core Scientific shareholders </B>despite
clear signs of volatility in CoreWeave&rsquo;s shares.&rdquo;</TD></TR>
                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&bull; </TD><TD>&ldquo;...[The] <B>pronounced price movements underscore CoreWeave&rsquo;s elevated volatility </B>and lend support
to Two Seas&rsquo; assertion that <B>the Company's board should have insisted on a price protection mechanism</B>.&rdquo;</TD></TR>
                                                                                                                                        <TR STYLE="vertical-align: top">
<TD></TD></TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">___________________</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>1</SUP> Permission to use quotes neither sought nor obtained. Emphasis
<FONT STYLE="letter-spacing: -0.1pt">added.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt">&nbsp;</TD><TD STYLE="width: 17.85pt">&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                        <TR STYLE="vertical-align: top">
<TD></TD><TD>&bull;</TD><TD>&ldquo;...[The] absence of any price protection mechanism <B>leaves Core Scientific shareholders fully exposed to post-announcement
swings in CoreWeave&rsquo;s share price... </B>Introducing a collar or floating exchange ratio... could have reduced that exposure by
ensuring that the value of the merger consideration remained within a defined range. A partial cash component could have also provided
more stability and partial certainty of value... [T]he <B>board&rsquo;s willingness to accept a purely fixed structure </B>appears to have
<B>favored deal certainty over risk mitigation</B>.&rdquo;</TD></TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><B><U>An Inadequate Valuation</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;Two Seas presents several thoughtful observations that highlight the <B>potential upside of the Company&rsquo;s standalone
prospects and the conservatism embedded in certain [of the financial advisors&rsquo;] valuation assumptions</B>.&rdquo;</TD></TR>
                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;...[T]he <B>financial advisors&rsquo; valuations of CoreWeave (particularly those by Moelis) may have been optimistic </B>relative
to how the market has subsequently priced its growth and earnings trajectory.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;...Two Seas&rsquo; <B>critique of the financial advisors&rsquo; decision not to assign a terminal value to the Colocation Contracted
Business carries some merit</B>. By assigning no terminal value, the financial advisors implicitly assumed that cash flows would cease
entirely after 2043 and that the facilities would have no value thereafter, which <B>may understate the long-term potential economic contribution
of those assets</B>.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>...&rsquo;&rsquo;[CoreWeave&rsquo;s post-announcement VWAPs] sit well below each of Moelis&rsquo; valuation ranges and below the midpoint
of PJT Partners&rsquo; DCF analysis. Using these CoreWeave VWAPs, <B>we calculate that the implied value of the merger consideration would
be $14.78 to $16.58 per Core Scientific share, which generally falls at the lower end of the Core Scientific valuation ranges </B>derived
by the financial advisors.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;...[B]ased on CoreWeave&rsquo;s post-announcement closing prices for the 74 trading days through October 17, 2025, the implied
merger value per Core Scientific share has fallen below the midpoint of Moelis&rsquo; DCF valuation range of the Company for 68 of those
days, while the same has been true with respect to PJT Partners&rsquo; DCF valuation range for 45 days. This may raise <B>valid questions
about whether the merger consideration represents sufficiently compelling value to Core Scientific shareholders</B>.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;The asymmetric initial market reactions [to the Proposed Merger] suggest that <B>Core Scientific shareholders likely viewed
the announced exchange ratio as less favorable than expected</B>.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;...[P]ost-announcement trading dynamics paint a nuanced picture, where early volatility in CoreWeave&rsquo;s shares and subsequent
opposition among certain Core Scientific shareholders both contributed to <B>sustained deal skepticism</B>. We believe this underscores
<B>lingering investor uncertainty about the transaction&rsquo;s perceived fairness and closing prospects</B>.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 13pt"><B><U>Compelling Standalone Potential</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 13pt"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 13pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 19.25pt"></TD><TD STYLE="width: 17.85pt">&bull;</TD><TD>&ldquo;...[T]he recent wave of AI/HPC infrastructure deals
could be a <B>credible sign of robust market demand</B>, which may point to <B>greater upside potential for the Company as a standalone
entity</B>...&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&bull; </TD><TD>&ldquo;For each trading day during
the roughly two-month period between August 14 and October 17, 2025, <B>the implied value of the merger consideration has been <U>lower
</U>than the Company's closing prices</B>, ranging from -21% to -1% (average daily spread of -11.4%). This <B>persistent negative spread
indicates that investors have, on balance, been valuing Core Scientific more highly on a standalone basis </B>than under the merger terms.&rdquo;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt 37pt"></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><B>About Two Seas Capital LP</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">Two Seas, founded in 2020 and led by Chief Investment Officer Sina
Toussi, specializes in event-driven investing anchored by rigorous fundamental research and a targeted focus on special situations. With
approximately $2.0 billion in assets under management, Two Seas' approach is designed to uncover market inefficiencies where value can
be realized through the resolution of legal and regulatory events. The Two Seas team is highly regarded for its rigorous due diligence
and its ability to translate complex and dynamic scenarios into actionable investment opportunities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><B>Contacts</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investors</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Scott Winter / Jonathan Salzberger</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Innisfree M&amp;A Incorporated</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">info@innisfreema.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">(212) 750-5833</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Steve Bruce / Taylor Ingraham / Keely Gispan</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">ASC Advisors</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">twoseas@ascadvisors.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">(203) 992-1230</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><B>Disclaimer</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">This press release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase
or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Core Scientific or CoreWeave
will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions
and opinions herein are for general information only, and are not intended to provide investment advice.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><FONT STYLE="background-color: white">This press release contains
forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates
and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial
results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking
statements are</FONT> </P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">generally identified by the words &quot;expects&quot;, &quot;anticipates&quot;, &quot;believes&quot;, &quot;intends&quot;,
&quot;estimates&quot;, &quot;plans&quot;, &quot;will be&quot; and similar expressions. Although Two Seas believes that the expectations
reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and
statements are subject to various risks and uncertainties&mdash;many of which are difficult to predict and are generally beyond the control
of Two Seas, Core Scientific or CoreWeave&mdash;that could cause actual results and developments to differ materially from those expressed
in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other
publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified
in Core Scientific and CoreWeave's respective public filings with the U.S. Securities and Exchange Commission, including those listed
under &quot;Risk Factors&quot; in annual reports on Form 10-K and quarterly reports on Form 10-Q and those related to the pending transaction
involving Core Scientific and CoreWeave (the &quot;Pending Transaction&quot;). The forward-looking statements speak only as of the date
hereof and, other than as required by applicable law, Two Seas does not undertake any obligation to update or revise any forward-looking
information or statements. Certain information included in this material is based on data obtained from sources considered to be reliable.
Any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments
and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be
viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and,
unless required by law, are subject to revision without notice.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">Funds and investment vehicles (collectively, the &quot;Two Seas Funds&quot;)
managed by Two Seas currently beneficially own shares of Core Scientific and CoreWeave. The Two Seas Funds are in the business of trading
(i.e., buying and selling) securities and intend to continue trading in the securities of Core Scientific and CoreWeave. You should assume
the Two Seas Funds will from time to time sell all or a portion of their holdings of Core Scientific and/or CoreWeave in open market transactions
or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls,
swaps or other derivative instruments relating to such shares. Consequently, Two Seas' beneficial ownership of shares of, and/or economic
interest in, Core Scientific and/or CoreWeave may vary over time depending on various factors, with or without regard to Two Seas' views
of the Pending Transaction or Core Scientific and/or CoreWeave's respective businesses, prospects, or valuations (including the market
price of Core Scientific and/or CoreWeave shares), including, without limitation, other investment opportunities available to Two Seas,
concentration of positions in the portfolios managed by Two Seas, conditions in the securities markets, and general economic and industry
conditions. Without limiting the generality of the foregoing, in the event of a change in Core Scientific and/or CoreWeave's respective
share prices on or following the date hereof, the Two Seas Funds may buy additional shares or sell all or a portion of their holdings
of Core Scientific and/or CoreWeave (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments).
Two Seas also reserves the right to change the opinions expressed herein and its intentions with respect to its investments in Core Scientific
and CoreWeave, and to take any actions with respect to its investments in Core Scientific and CoreWeave as it may deem appropriate, and
disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><B>Important Information</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><FONT STYLE="background-color: white">Two Seas, Two Seas Capital
GP LLC (&quot;Two Seas GP&quot;), and Sina Toussi (&quot;Mr. Toussi&quot; and, together with Two Seas and Two Seas GP, the &quot;Participants&quot;)
have filed a definitive proxy</FONT> </P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">statement and GOLD proxy card (the &quot;Proxy Statement&quot;) with the SEC on September 29, 2025
to be used to solicit proxies for votes against the proposed acquisition of Core Scientific by CoreWeave at the upcoming special meeting
of the Company's shareholders. THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER
PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. Additional information about the
Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in Exhibit 2 of the
Schedule 14A filed by Two Seas with the SEC on October 10, 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">&nbsp;</P>

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