which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. The deal values the combined. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTech's sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. Covington & Burling LLP acted as legal advisor to Adit EdTech. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Sanders LLP acted as legal advisor to GRIID. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. Market Data copyright 2023 QuoteMedia. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. 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. 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. RT=Real-Time, EOD=End of Day, PD=Previous Day. Benzinga does not provide investment advice. How Ethereum's evolution impacts crypto markets. the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the All statements other than statements of historical fact are forward-looking statements for purposes of federal and pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean EdTechs securities, 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 and commercial due diligence. The transformation of value in the digital age. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. The foregoing list of factors is not exhaustive. 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 $525million credit facility will be used to fund GRIIDs growth and accelerate scale. 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 . Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. An investor presentation and other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed 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. Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. Global Investors and Executive Chairman of HIVE. This press release relates to a proposed transaction between Adit EdTech and GRIID. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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 could give rise to the termination of the merger agreement, (vi)the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. 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. Upon completion of the proposed transaction. 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. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, will be provided in a Current Report on Form 8-K to be filed by Adit EdTech today with the U.S. Securities and Exchange Commission (the "SEC") and will be available at www.sec.gov. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no 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. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. GRIIDs existing management team, led by President and Proof-of-stake is an alternative method of fulfilling the same function as proof-of-work mining the validation of cryptocurrency transactions by having parties deposit, or stake, amounts of cryptocurrency into a smart contract. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future filed with the SEC on April15, 2021. 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. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Upon completion of the proposed transaction. determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi)the effect of. 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 new information, future Leasing hash is finite and non-transferrable. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one. Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. A proxy statement will be sent to all Adit EdTech stockholders. new information, future events or otherwise. Track . ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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. speak only as of the date of this communication. CINCINNATI, OH AND NEW YORK, NY Mining equipment is anticipated to remain useful for multiple years. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and 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 new information, future events or otherwise. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. internal and wireless security testing and assessment. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . Public ADEX shareholders will own 9% of the combined company. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. Elon Musk will aim to quiet any doubts about Tesla's standing in the electric car race on Wednesday when the serial entrepreneur convenes an investor day. The actual results or developments anticipated stockholders. 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. On Tuesday, the three-year-old. The company is projecting 2023 revenue of $1.6 billion. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the These forward looking statements speak only as of the date of this press release. Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. These forward looking statements speak only as of the date of this press release. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Securities Act. Terms of Use. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. 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. stockholders. The presentation doesn't specifically identify the miner as Intel's, but Griid is known to be working with Intel based on a previously published supply agreement and Intel's own statements. transaction, and identify and realize additional opportunities. The average price target is 32.31 with a high forecast of 36.89 and a low forecast of 27.52.The average price target represents a change from the last price of . The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. the board of managers of GRIID Holdco. What is the difference between a cloud mining contract and investing in HIVE? 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). Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii)the outcome of any legal proceedings that may be instituted against GRIID or Adit Ventures is an investment general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after the completion of the proposed Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. 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 Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company Griid Profile and History . Adit Ventures is 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. 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. 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 available on the SECs website at 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. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. Additional Information and Where to Find It. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. The foregoing list of factors is not exhaustive. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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 is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, 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. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. Investors Capital Structure Reporting Presentation Filings FAQ. The company is projecting 2023 revenue of $1.6 billion. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. include forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020, and other filings made with the SEC and that are available on the SECs website at www.sec.gov. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. Gillian Tan. 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. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company (November 30, 2021) Griid Infrastructure LLC (together with GRIID Holdco (as defined below), GRIID or the Company), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. performance fees or expenses, if applicable. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to investments that create positive change. stockholders. 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