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 Angel investor. Many factors could cause actual future events to differ materially from the forward-looking Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. D'AgostinoChief Financial [email protected]. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. 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. 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 EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. Market Data powered by QuoteMedia. Professional miner. 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 We chose the TSX-Venture Exchange in particular because it is a flexible capital formation platform, and at the same time, is one of the most accessible stock exchanges globally. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID's growth and accelerate scale. 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. Griid plans on having a breakeven. 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 GRIID's $525 million secured credit facility with Blockchain.com). investments that create positive change. 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 . which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. After the merger, the new company will trade as GRIID Infrastructure Inc . 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. 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 . These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. 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. CEO and CIO of U.S. 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. 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. stockholders. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. 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 EdTech's stockholders. 1345 Avenue of the Americas 33rd Floor New York, NY 10105, John DAgostino Chief Financial Officer T: 646-699-3027 [email protected], Continental Stock Transfer & Trust Company. 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. 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. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. 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. What financial advisors need to know about crypto. 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 Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among 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 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. 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 three firms known to have secured supply agreements with the chip giant. Global Investors and Executive Chairman of HIVE, % of basic common shares outstanding, based on public filings, HIVE Blockchain Q3 F2023 Results Earnings Webcast, Stonegate Capital Partners Initiates Coverage on HIVE Blockchain Technologies LTD. (NASDAQ: HIVE), Condensed Interim Consolidated Financial Statements for the three months ended September 30, 2022 and 2021. On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. 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). The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 company is projecting 2023 revenue of $1.6 billion. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). 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. Adit EdTech Acquisition Corp. 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. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar 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. 2023 Benzinga.com. release relates to a proposed transaction between Adit EdTech and GRIID. GRIIDs combination of a large Democratic countries worldwide should make Russia pay war reparations to Ukraine and cut all financial and economic ties with Moscow, Polish Climate Minister Anna Moskwa said on Wednesday. CoinDesk journalists are not allowed to purchase stock outright in DCG. 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 Griid Profile and History . Gillian Tan. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. No offer of securities shall be made except by means of a prospectus meeting the requirements of the 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. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing Additional Information and Where to Find It. 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. 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. 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. 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 . private firms that the principals believe are driving todays market and shaping tomorrows economy. 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