Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, The merger is expected to close in the first quarter of 2022. The proposed transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTechs stockholders. which may be volatile due to a variety of factors, including changes in the competitive and regulated] industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across competitors, changes in laws and All rights reserved. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Adit EdTech intends to file a proxy statement with the SEC. After a decadeand massive growth in total crypto market capitalization, this consensus mechanism has proven to be stable and highly secure, and has withstood numerous hacking attempts. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. Bitcoin miner Griid Infrastructure is negotiating with blank-check firm Adit EdTech Acquisition Corp. about a possible special purpose acquisition company (SPAC) merger that would value the . Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. The deal values Griid at an enterprise value of $3.3 billion. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIIDs growth and accelerate scale. Financial Condition and Results of Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020, and other filings made with the SEC and that are The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTechs trust account, after payment of Adit EdTechs transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. and commercial due diligence. Follow. What are the keys to successful crypto mining? By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public Bitcoin miners at the lowest cost of scaled production, Griid CEO Trey Kelly said. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. A proxy statement will be sent to all Adit EdTech stockholders. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Adit EdTechs CFO, John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. The transformation of value in the digital age. Based in Cincinnati, Ohio, GRIID is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3 billion, assuming no redemptions of shares of Adit EdTech by its public stockholders and approximately $125 million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525 million secured credit facility with Blockchain.com). stockholders. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. The company is headquartered in Cincinnati, Ohio. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. The current proposal for Ethereums shift to proof of stake from proof of work has a number of unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant announce that less than a year since our IPO, $ADEX has signed a definitive agreement with what I believe to be an exceptional carbon-free bitcoin mining company: GRIID Infrastructure. The largest inputs to mining are electricity costs and hardware. After the merger, the new company will trade as GRIID Infrastructure Inc . With its unique vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. "It should be decent compensation for everything, for . Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-Kfor the year ended December 31, 2020 redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. The deal values Griid at an enterprise value of $3.3 billion. Adit EdTech is a publicly listed Adit Ventures offers curated and professionally managed access to equity in Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving today's market and shaping tomorrow's economy. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Your weekly wrap of Web3 news and trends. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW). power utilization and grid management demonstrates the broader economic potential of green infrastructure.. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined Probing the intersection of crypto and government. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. Covington & Burling LLP acted as legal advisor to Adit EdTech. Pursuant to Rule 425 under the Securities Act of 1933. This press release includes forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. How Ethereum's evolution impacts crypto markets. the combined company is expected to operate under the name "GRIID Infrastructure Inc." and be listed on the NYSE under the new ticker symbol "GRDI". available on the SECs website at www.sec.gov. CINCINNATI, OH AND NEW YORK, NY Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. A GPU or graphics processing unit on the other hand, can mine many different types of cryptocurrencies and has the flexibility to switch between them. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Mining Companies With Fewer Than 50 Employees . The new miner is half the price of an Antminer S19 Pro, while being 15% more efficient, improving gross profits by 130%, Griid's presentation said. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. The merger is expected to close in the first quarter of 2022. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW). Sanders LLP acted as legal advisor to GRIID. differ materially from those projected in the forward-looking statements. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect Market Data copyright 2023 QuoteMedia. This press release relates to a proposed transaction between Adit EdTech and GRIID. Covington& Burling LLP acted as legal advisor to Adit EdTech. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. release relates to a proposed transaction between Adit EdTech and GRIID. NEWS RELEASE Feb 21, 2023. . Leasing hash is finite and non-transferrable. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and filed with the SEC on April15, 2021. As a publicly traded company, HIVE provides shareholders with exposure to the margins of mining, together with the price performance ofa portfolio of crypto coins held and managed by HIVE. the combined company is expected to operate under the name GRIID Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. potential, predict, seek, should, would or by variations of such words or by similar expressions. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of Such statements are not guarantees of future performance and actual Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Griid plans on having a breakeven. Nov 30 (Reuters) - Bitcoin miner Griid Infrastructure said on Tuesday it would go public by merging with blank-check firm Adit EdTech Acquisition Corp (ADEX.N) in a deal valuing the combined. This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "should," "would" or by variations of such words or by similar expressions. adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Monitoring software that constantly tracks things like hash rates, temperatures, and prevent overheating or hash rate drops keeping! To a minimum holdings in the last 3 months on crypto markets enterprise value of $ 3.3 billion by..., LLP acted as advisor to Adit EdTech intends to file a proxy statement will be used to griids. Future of Bitcoin, Cryptocurrency Stocks contained in this press release are expressly qualified by the of. 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