SOL Global Announces Update on Portfolio Companies
TORONTO, Ontario, January 26, 2024 – SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB), a global asset manager, is pleased to announce business updates on its portfolio companies.
Core Scientific, Inc.
Texas-based bitcoin mining firm, Core Scientific, Inc. announced on January 23, 2024, that it has successfully completed its Chapter 11 reorganization and materializes with a strengthened balance sheet. The listing of its common stock, tranche 1 warrants and tranche 2 warrants on the Nasdaq Global Select Market under the symbols CORZ, CORZW and CORZZ, respectively, occurred on January 24, 2024. Core has made significant progress throughout its emergence including paying off its DIP financing, finalizing an oversubscribed $55 million Equity Rights Offering, as well as self-mining 13,762 bitcoin and ~5,512 bitcoin from hosted miners.
SOL Global invested US$11.3 million in senior secured convertible notes in September 2022. Under the terms of the Restructuring Plan, SOL is to receive notes and stock equal to approximately $1.203 of value for every $1 par face amount of principal. Approximately 46% of recovered securities is to be received in the form of new secured convertible notes, and 54% in new freely trading common stock.
Build a Rocket Boy
Build a Rocket Boy, a Scotland-headquartered game development company founded by one of the former lead developers behind the Grand Theft Auto franchise, announced January 17, 2024, it has raised $110 million in a Series D round of funding ahead of commercial launch. The company has pitched community-driven gaming with an immersive open-world platform.
Build a Rocket Boy’s Series D round was led by New York-based investment firm RedBird Capital Partners, with participation from NetEase Games, Galaxy Interactive, Endeavor, Alignment Growth, Woodline Partners and GTAM Partners, among others.
SOL Global participated in the Series C round in January 2022, through an investment in the amount of US$2 million through a third-party LP.