Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. the combined company is expected to operate under the name GRIID Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will 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. All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. Have a question? 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. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. On Tuesday, the three-year-old. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining griid | 1,570 followers on linkedin. 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. 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 . Covington & Burling LLP acted as legal advisor to Adit EdTech. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. 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. 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. 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. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. 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. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Sanders LLP acted as legal advisor to GRIID. As of December 13, 2022. 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 . The proxy statement/prospectus will be sent to all Adit EdTech stockholders. redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). Adit EdTech also will file other documents regarding the proposed transaction with the SEC. We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Adit EdTech Acquisition Corp. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company To learn more, visit griid.com. Covington& Burling LLP acted as legal advisor to Adit EdTech. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. It also maintains a portfolio of coins as inventory. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. | Learn more about Harry Sudock's work . These forward looking statements speak only as of the date of Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain 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 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. 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. A proxy statement will be sent to all Adit EdTech transaction between Adit EdTech and GRIID. 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. 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. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). Market Data copyright 2023 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. 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. 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 What is HIVEs approach to selling versus hoarding coins. Adit EdTech also will file 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 A GPU or graphics processing unit on the other hand, can mine many different types of cryptocurrencies and has the flexibility to switch between them. 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. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Adit EdTech's 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 SEC's website at www.sec.gov. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. CoinDesk journalists are not allowed to purchase stock outright in DCG. Your weekly wrap of Web3 news and trends. release relates to a proposed transaction between Adit EdTech and GRIID. Adit EdTech intends to file a proxy statement 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 . Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. 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. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, this press release. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to We currently mine Ethereum, Ethereum Classic and Bitcoin. private firms that the principals believe are driving todays market and shaping tomorrows economy. Adit EdTech intends to file a proxy statement with the SEC. The small Ohio-based GRIID is. 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. Description. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. stockholders. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. and commercial due diligence. 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