Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. Gillian Tan. 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. Mining equipment is anticipated to remain useful for multiple years. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Public ADEX shareholders will own 9% of the combined company. stockholders. of the proposed transaction. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. Upon completion of the proposed transaction. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. 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 Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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. financial advisor to Adit EdTech for capital markets and M&A advisory services. GRIIDs existing management team, led by President and The transformation of value in the digital age. Griid Infrastructure, which owns and operates bitcoin mining facilities, is to list on the New York Stock Exchange through a merger with Adit EdTech Acquisition Corp., a special . Covington& Burling LLP acted as legal advisor to Adit EdTech. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. By Do It Right LLC. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Griid plans on having a breakeven. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. 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. The latest moves in crypto markets, in context. 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. This press release relates to a proposed transaction between Adit EdTech and GRIID. CEO and CIO of U.S. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. 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. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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). To learn more, visit griid.com. "It should be decent compensation for everything, for . By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Australias Central Bank Taps Mastercard and Others to Test CBDC Use Cases, Bitcoin, Ether Settle Into a Range as Indicators Point Neutral, Digital Asset Investment Products AUM in February Reaches Highest Level Since May 2022, Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source. 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. 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 Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. This is the main distinction from HIVE. The deal values Griid at an enterprise value of $3.3 billion. The foregoing list of factors is not exhaustive. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. To learn more, visit griid.com. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . The deal values Griid at an enterprise value of $3.3 billion. SEC). Be a smarter, safer investor in eight weeks. A proxy statement will be sent to all Adit EdTech What is HIVEs approach to selling versus hoarding coins. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. How Ethereum's evolution impacts crypto markets. the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii)risks that the Adit EdTech intends to file a proxy statement with the SEC. This announcement 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 Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the price, (vii)risks that the 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 Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. . 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. 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. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. We refer you to the Risk Factors and Managements Discussion and Analysis of Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. potential, predict, seek, should, would or by variations of such words or by similar expressions. Adit EdTech intends to file a proxy statement with the SEC. No offer of securities shall be made except by means of a prospectus meeting the requirements of the These forward looking statements speak only as of the date of GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. 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 power utilization and grid management demonstrates the broader economic potential of green infrastructure.. 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 CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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. (Adit EdTech) (NYSE: ADEX, ADEX.U, and ADEX.WS), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC (Adit), announced today that they have entered into a definitive merger agreement under which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 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 competitors, changes in laws and 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 Adit EdTechs CFO, 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. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. NEWS RELEASE Feb 21, 2023. . Adit EdTech's CFO, John D'Agostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Government's Department International Trade's Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. 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 todays market and shaping tomorrows economy. These forward looking statements speak only as of the date of this press release. The actual results or developments anticipated may not be realized or, even if 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. 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 of . 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 The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no Leasing hash is finite and non-transferrable. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. Track . This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. 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. ", Eric Munson, Adit's founder and Managing Partner, said, "GRIID's focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.". Please review the disclaimers carefully and other important information found in the press other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed griid | 1,570 followers on linkedin. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Such statements are not guarantees of future performance and actual We currently mine Ethereum, Ethereum Classic and Bitcoin. 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. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and The deal values Griid at an enterprise value of $3.3 billion. 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. Announces Adjournment of Special Meeting to Approve Extension Proposal. This press release relates to a proposed transaction between Adit EdTech and GRIID. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. 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. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the 2023 Benzinga.com. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. 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. Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion . 2023 Benzinga.com. Follow. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Sanders LLP acted as legal advisor to GRIID. Griid. this press release. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. Adit EdTech Acquisition Corp. Terms of Use. events or otherwise. the securities laws of such state or jurisdiction. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public A proxy statement will be sent to all Adit EdTech stockholders. The actual results or developments anticipated 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. Adit Ventures is an investment 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. The company is headquartered in Cincinnati, Ohio. 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