For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, | Learn more about Harry Sudock's work . As of December 13, 2022. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. Track . 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. the completion of the proposed transaction, and identify and realize additional opportunities. 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. This press release relates to a proposed transaction between Adit EdTech and GRIID. 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. CEO Trey Kelly, will continue to lead the business. Covington& Burling LLP acted as legal advisor to Adit EdTech. financial advisor to Adit EdTech for capital markets and M&A advisory services. private firms that the principals believe are driving todays market and shaping tomorrows economy. Adit EdTechs CFO, For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect Covington & Burling LLP acted as legal advisor to Adit EdTech. available on the SECs website at www.sec.gov. 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 Additional Information and Where to Find It. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Adit Ventures is an investment 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 Secure Your Seat. 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 SEC). The merger is expected to close in the first quarter of 2022. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. Adit EdTech intends to file a proxy statement with the SEC. Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. 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. 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). Such statements are not guarantees of future performance and actual results or developments may GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining filed with the SEC on April15, 2021. 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. 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 proxy statement/prospectus will be sent to all Adit EdTech stockholders. 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 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 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 the securities laws of such state or jurisdiction. 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. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. Professional miner. To learn more, visit griid.com. 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. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. of the proposed transaction. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). The actual results or developments anticipated 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. new information, future events or otherwise. Griid. Griid Profile and History . GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. 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 Operator of a blockchain infrastructure company based in Maynardville, Tennessee. Frank Holmes, CEO and CIO of U.S. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. 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. . 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. 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". 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 The company is projecting 2023 revenue of $1.6 billion. Benzinga does not provide investment advice. CoinDesk journalists are not allowed to purchase stock outright in DCG. There are more than a million miners today from "Mom and Pop's" to Governments. 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. Griid - A Bitcoin Mining Company AN AMERICAN INFRASTRUCTURE COMPANY AboutUs We procurelow-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities. For full information, investors should refer to the risk disclosures filed under HIVEs most recent MD&A, which are filed under HIVEs SEDAR profile, and its September 2017 Filing Statement. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 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, 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 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 . 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. 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. 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 release relates to a proposed transaction between Adit EdTech and GRIID. Description. This press release relates to a proposed transaction between Adit EdTech and GRIID. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. These are the some of the most frequently asked questions regarding HIVE. The SPAC Deal: Griid Infrastructure announced a merger with. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. 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 . 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 . Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public 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. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. 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). GRIID anticipates fiscal year 2023 revenue of $1.6billion. 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. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.comView 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. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. 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. 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. Date and time. 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). This communication 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 merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Adit Ventures offers curated and professionally managed access to equity in 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 otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. An investor presentation and These statements express a belief, expectation 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 GRIIDs $525 million secured credit facility with Blockchain.com). substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Investors Capital Structure Reporting Presentation Filings FAQ. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Adit EdTech also will file 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. Bitcoin mining startup GRIID has inked a deal with the world's largest chipmaker, Intel, to mine Bitcoin using energy-efficient methods, FOX Business has learned. prior to registration or qualification under the securities laws of such state or jurisdiction. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. 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. A . 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 otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. 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. 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 otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. 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. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Additional Information and Where to Find It. transaction, and identify and realize additional opportunities. 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 Securities Act. 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 latest moves in crypto markets, in context. or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an 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's combination of a large 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. Market Data copyright 2023 QuoteMedia. 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. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, 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 RT=Real-Time, EOD=End of Day, PD=Previous Day. 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. 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. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. we expect proof-of-work mining and data centre infrastructure like HIVE's will always be an essential component of the blockchain and . 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. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, On Tuesday, the three-year-old. This mechanism is known as proof-of-work mining, a system where a decentralized network of miners commit work using electricity to power computer hardware in exchange for receiving rewards in the form of cryptocurrency. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. 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. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. 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 . Your weekly wrap of Web3 news and trends. The merger is expected to close in the first quarter of 2022. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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. and commercial due diligence. 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. HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. Arthur D. Little LLC acted as advisor to Adit EdTech for technical (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 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. Be a smarter, safer investor in eight weeks. What are the keys to successful crypto mining? We refer you to the Risk Factors and Managements Discussion and Analysis of How Ethereum's evolution impacts crypto markets. You need a reliable and cheap source of electricity for your hardware. The deal values Griid at an enterprise value of $3.3 billion. CEO and CIO of U.S. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. 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 . Based in Cincinnati, Ohio, GRIID is a profitable, a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company 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 rights reserved. Adit EdTech intends to file a proxy statement with the SEC. 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. release and investor presentation. Adit EdTech Acquisition Corp. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. www.sec.gov. public bitcoin miners at the lowest cost of scaled production. Do Not Sell My Personal Data/Privacy Policy. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. 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 announce that less than a year since our IPO, $ADEX has signed a definitive agreement with what I believe to be an exceptional carbon-free bitcoin mining company: GRIID Infrastructure. Terms of Use. 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 The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. 2022 Griid Infrastructure LLC. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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