Liquidation of shares results in a return of
17.7% on the initial investment
PHOENIX, June 5, 2024
/PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity"
or the "Company"), a leading provider of diversified financial
solutions to growth-stage companies, announced today that as of
June 4, 2024, it has completed the
liquidation of the shares of common stock of Core Scientific (CORZ)
("Core") that it received in satisfaction of its claim in Core's
Chapter 11 bankruptcy.
Trinity provided $30 million in
equipment financing to Core in 2021. Core entered Chapter 11
bankruptcy in December 2022 and
exited bankruptcy in January 2024.
Trinity was granted a $28.3 million
claim in the bankruptcy, and elected to receive shares of Core's
common stock in satisfaction of that claim. The 5,640,373 shares
received were sold at a weighted average price per share of
$5.13, resulting in total proceeds of
$29.0 million. After the sale of the
common stock, the internal rate of return on the initial investment
was 17.7%, including loan interest payments received.
About Trinity Capital Inc.
Trinity (Nasdaq: TRIN), an internally managed business
development company, is a leading provider of diversified financial
solutions to growth-stage companies with institutional equity
investors. Trinity's investment objective is to generate current
income and, to a lesser extent, capital appreciation through
investments, including term loans, equipment financings and
equity-related investments. Trinity believes it is one of only a
select group of specialty lenders that has the depth of knowledge,
experience, and track record in lending to growth-stage companies.
For more information, please visit the Company's website at
www.trinitycap.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/trinity-capital-inc-exits-its-equity-position-in-core-scientific-302165275.html
SOURCE Trinity Capital Inc.