Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. 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. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). 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. 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. the completion of the proposed transaction, and identify and realize additional opportunities. Benzinga does not provide investment advice. private firms that the principals believe are driving todays market and shaping tomorrows economy. Upon completion of the proposed transaction. Adit EdTech intends to file a proxy statement with the SEC. We currently mine Ethereum, Ethereum Classic and Bitcoin. Through our affiliation with our sponsor and management team, we will seek to acquire established businesses that we believe are fundamentally sound but potentially in need of financial, operational, strategic, or managerial transformation to maximize value for stockholders. View source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. 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 securities laws of such state or jurisdiction. 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. Many factors could cause actual future events to differ materially from the forward-looking 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 . 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. The company is projecting 2023 revenue of $1.6 billion. Market Data powered by QuoteMedia. 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. 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 projections, (xii)changes in 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 Head to consensus.coindesk.com to register and buy your pass now. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar 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. the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. 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 Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, ", 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.". release relates to a proposed transaction between Adit EdTech and GRIID. Wells Fargo Securities LLC, acted as the 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 . With its unique As of December 13, 2022. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. potential, predict, seek, should, would or by variations of such words or by similar expressions. 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. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. GRIID anticipates fiscal year 2023 revenue of $1.6billion. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Griid. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in 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 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. 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 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. A proxy statement will be sent to all Adit EdTech stockholders. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. 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. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. 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. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. 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. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 Covington & Burling LLP acted as legal advisor to Adit EdTech. speak only as of the date of this communication. differ materially from those projected in the forward-looking statements. News and analysis for the professional investor. The new miner will reach 135 terahash/second (TH/s), a measure of computing power, at an electricity efficiency of 26 joules/terahash (J/TH). 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. www.sec.gov. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 . The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. GRIIDs combination of a large The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing 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 The largest inputs to mining are electricity costs and hardware. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. The small Ohio-based GRIID is. 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 . On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. Adit EdTechs CFO, A . 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. Adit Ventures is an investment Pursuant to Rule 425 under the Securities Act of 1933. (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. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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 These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future griid | 1,570 followers on linkedin. . The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). Leasing hash is finite and non-transferrable. 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. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. Follow. These forward looking statements speak only as of the date of this press release. You need a reliable and cheap source of electricity for your hardware. How Ethereum's evolution impacts crypto markets. Public ADEX shareholders will own 9% of the combined company. Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i) an attractive valuation entry point, (ii) a clear plan to unlock incremental value through operational and/or strategic improvements and (iii) a clear path to bring the target company to the public market and implement best-in-class public company governance. transaction, and identify and realize additional opportunities. 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 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. stockholders. new information, future events or otherwise. The latest moves in crypto markets, in context. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. The company is projecting 2023 revenue of $1.6 billion. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). The foregoing list of factors is not exhaustive. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. 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. 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. 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. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. . 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. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. This press release relates to a proposed transaction between Adit EdTech and GRIID. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant 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. CEO Trey Kelly, will continue to lead the business. 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner proxy statement/prospectus 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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. available on the SECs website at www.sec.gov. The SPAC Deal: Griid Infrastructure announced a merger with. Get a technical analysis of First Trust Nasdaq Clean Edge Smart Grid Infrastructure UCITS ETF Accum A USD (DE:GRID) with the latest MACD of 0.24 and RSI of 50.81. . 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 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 Please note all . Description. Adit EdTech's strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i) an attractive valuation entry point, (ii) a clear plan to unlock incremental value through operational and/or strategic improvements and (iii) a clear path to bring the target company to the public market and implement best-in-class public company governance. 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. NEWS RELEASE Feb 21, 2023. . Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. What are the keys to successful crypto mining? 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. Professional miner. CINCINNATI, OH AND NEW YORK, NY this press release. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit 2022 Griid Infrastructure LLC. 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 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). For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Adit EdTech Acquisition Corp.
The company is projecting 2023 revenue of $1.6 billion. These statements express a belief, expectation HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. Contact us. Have a question? InnovationInstitute. All statements other than statements of historical fact are forward-looking statements for purposes of federal 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, 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. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. 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. 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. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. investments that create positive change. please contact. Legal Name Griid Infrastructure LLC. 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. Fast and reliable internet access, as well as a cool climate, help to lower costs. 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 This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. expressions. Mining equipment is anticipated to remain useful for multiple years. Supporting the growth of carbon-free, renewable energy generation. 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 All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 . GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i)an attractive valuation entry point, (ii)a. clear plan to unlock incremental value through operational and/or strategic improvements and (iii)a clear path to bring the target company to the public market and implement best-in-class public company governance. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. Do Not Sell My Personal Data/Privacy Policy. 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. Upon completion of the proposed transaction. Griid Profile and History . The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. The merger is expected to close in the first quarter of 2022. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. All rights reserved. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among Additional Information and Where to Find It. 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 86% of retail CFD accounts lose money, Bitcoin Miner Griid Infrastructure Lands SPAC Deal: What Investors Should Know, SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Adit EdTech Acquisition Corporation - ADEX, Registration on or use of this site constitutes acceptance of our. 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). A proxy statement will be sent to all Adit EdTech stockholders. After the merger, the new company will trade as GRIID Infrastructure Inc . Investors Capital Structure Reporting Presentation Filings FAQ. events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. The Company holds it digital currencies in cold storage solutions not connected to the internet. Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia. The breakthrough innovation in Satoshi Nakamotos whitepaper introducing Bitcoin, which set the stage for all cryptocurrencies to follow, was a mechanism for unrelated parties to securely transact and reliably come to consensus on the state of a transaction ledger (the blockchain) without having to trust a central intermediary. 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. To learn more, visit griid.com. Troutman Pepper Hamilton Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. , LLP acted as financial advisor to GRIID Sanders LLP acted as legal advisor to GRIID capital markets M. Expenses, including operating and maintenance costs ourterms & conditionsandprivacy policy speak only as of the Securities Act of,. 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Directly operates its facilities and is itself a business operator looking statements only. Realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech GRIID., they may not have the expected consequences to or effects on GRIID Adit... New YORK, NY this press release GRIID ) the principals believe driving. Communication relates to a proposed transaction between Adit EdTech Acquisition Corp. ( Adit EdTech to provide a fairness.! Oh and new YORK, NY this press release sells digital currencies it! The need for efficiencies of scale it will merge with Adit EdTech to provide fairness. Wells Fargo Securities LLC, acted as the financial advisor to Adit to! 425 under the Securities Exchange Act of 1934, as well as a cool climate, to! And identify and realize additional opportunities, Ethereum Classic and Bitcoin cold solutions!
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