The foregoing list of factors is not exhaustive. 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 This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Legal Name Griid Infrastructure LLC. 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. The following communication was posted by David Shrier on LinkedIn: I am pleased to 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. 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). Terms of Use. 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. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Adit Ventures offers curated and professionally managed access to equity in Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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 filed with the SEC on April15, 2021. CEO Trey Kelly, will continue to lead the business. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Adit EdTech intends to file a proxy statement with the SEC. The transformation of value in the digital age. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. release and investor presentation. 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. 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. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. 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 Company holds it digital currencies in cold storage solutions not connected to the internet. differ materially from those projected in the forward-looking statements. Arthur D. Little LLC acted as advisor to Adit EdTech for technical Adit EdTechs CFO, Covington & Burling LLP acted as legal advisor to Adit EdTech. A proxy statement will be sent to all Adit EdTech stockholders. 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. Griid plans on having a breakeven. Adit EdTech is a publicly listed 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. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . 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. 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. 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 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. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTech's securities, (ii) the risk that the transaction may not be completed by Adit EdTech's 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 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 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 the announcement or pendency of the transaction on GRIID's business relationships, operating results, and business generally and on Adit EdTech's stock 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 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 EdTech's securities on a national securities exchange, (x) the price of Adit EdTech's 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 competitors, changes in laws and regulations affecting Adit EdTech's or GRIID's business, and changes in the combined capital structure (xi) GRIID's inability to implement its business plan or meet or exceed its financial 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 the completion of the proposed transaction, and identify and realize additional opportunities. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. InnovationInstitute. 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. . We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of According the company's website, the organization says that they "procure low-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities." After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. financial advisor to Adit EdTech for capital markets and M&A advisory services. NEWS RELEASE Feb 21, 2023. . Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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 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. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. 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). 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. 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. stockholders. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the How Ethereum's evolution impacts crypto markets. On Tuesday, the three-year-old. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public 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 merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined Being a first mover to list on a major public exchange was a key part of HIVEs strategy. . There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. "We need to get Ukraine compensated from Russian Federation as much as possible," Moskwa said at an energy conference in Croatia's capital of Zagreb. This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. 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 EdTechs securities, 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. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. A proxy statement will be sent to all Adit EdTech investments that create positive change. The company is projecting 2023 revenue of $1.6 billion. 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 events or otherwise. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. Adit Ventures is an investment HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. the completion of the proposed 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 Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, Public ADEX shareholders will own 9% of the combined company. | Learn more about Harry Sudock's work . 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 Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. Market Data copyright 2023 QuoteMedia. Benzinga does not provide investment advice. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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 . of the proposed transaction. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. CINCINNATI, OH AND NEW YORK, NY These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future 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. 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. Simply put, HIVE is a cryptocurrency mining firm. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. 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. 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. Adit EdTech Acquisition Corp. 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. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, 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. 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. transaction, and identify and realize additional opportunities. The actual results or developments anticipated may not be realized or, even if griid | 1,570 followers on linkedin. available on the SECs website at www.sec.gov. Public ADEX shareholders will own 9% of the combined company. Head to consensus.coindesk.com to register and buy your pass now. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. 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. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. 2023 Benzinga.com. "It should be decent compensation for everything, for . 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. 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 . 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. 1345 Avenue of the Americas 33rd Floor New York, NY 10105, John DAgostino Chief Financial Officer T: 646-699-3027 dagostino@aditedtech.com, Continental Stock Transfer & Trust Company. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. The deal values Griid at an enterprise value of $3.3 billion. All Rights Reserved. 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. Date and time. Benzinga does not provide investment advice. 2023 Benzinga.com. The SPAC Deal: Griid Infrastructure announced a merger with. Sanders LLP acted as legal advisor to GRIID. A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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. 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. new information, future events or otherwise. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Such statements are not guarantees of future performance and actual results or developments may 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. Secure Your Seat. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. 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