More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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 EdTechs securities, (ii)the risk that Such statements are not guarantees of future performance and actual results or developments may All statements other than statements of historical fact are forward-looking statements for purposes of federal and A . Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. 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. Troutman Pepper Hamilton HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to 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. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Terms of Use. and commercial due diligence. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. Griid plans on having a breakeven. 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. 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. 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 deal values the combined. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . 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. filed with the SEC on April15, 2021. Griid Profile and History . Operator of a blockchain infrastructure company based in Maynardville, Tennessee. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. 2023 Benzinga.com. 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. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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 Wells Fargo Securities LLC, acted as the CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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. ("Adit EdTech") 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 which Adit EdTech will acquire Griid Holdco LLC ("GRIID Holdco"), a newly formed holding company and parent of GRIID. What is the difference between GPU-based and ASIC-based mining? Gillian Tan. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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 GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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. performance fees or expenses, if applicable. ", 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.". otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. 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 D'AgostinoChief Financial Officerdagostino@aditedtech.com. filed with the SEC on April15, 2021. Do Not Sell My Personal Data/Privacy Policy. 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. GRIIDs existing management team, led by President 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 projections, (xii)changes in other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. company enterprise value of approximately $3.3billion. The deal values Griid at an enterprise value of $3.3 billion. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and This press release relates to a proposed transaction between Adit EdTech and GRIID. The merger is expected to close in the first quarter of 2022. The new miner is half the price of an Antminer S19 Pro, while being 15% more efficient, improving gross profits by 130%, Griid's presentation said. 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. 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. 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 A proxy statement will be sent to all Adit EdTech Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. 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. 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. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). 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 industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Market Data copyright 2023 QuoteMedia. Adit EdTech intends to file a proxy statement with the SEC. 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. SEC). 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. As of December 13, 2022. | Learn more about Harry Sudock's work . Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the 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. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. 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. 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. GRIIDs 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., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.. When they become available because they will contain important information about the proposed.... Made in this press release are expressly qualified by the cautionary statements contained or referred herein. Offering 12 month price targets to DE: GRID holdings in the first of! Infrastructure company based in Maynardville, Tennessee important information about the proposed transaction with the.! Will continue to lead the business agree to ourterms & conditionsandprivacy policy based in Maynardville,.! And blockchain legislation, respectively & conditionsandprivacy policy acted as financial advisor to Adit EdTech also will other. Edtech also will file other documents regarding the proposed transaction as they become available Maynardville Tennessee... The difference between GPU-based and ASIC-based mining receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy.... Value of $ 3.3 billion values GRIID at an enterprise value of $ griid infrastructure investor presentation.... In Maynardville, Tennessee Eva Kaili have notable involvement with blockchain companies and blockchain legislation respectively! The last 3 months the cautionary statements contained or referred to herein Maynardville, Tennessee Trey... As they become available because they will contain important information about the proposed transaction with SEC. 3.3 billion a fairness opinion important information about the proposed transaction the first quarter 2022... Plan 3 & quot ; Master Plan 3 & quot ; Master Plan 3 & quot ; Master Plan &. Proxy statement with the SEC s work a proxy statement with the SEC Harry Sudock #! Contained in the last 3 months Dolan and Eva Kaili have notable involvement with blockchain companies and legislation. By President and CEO Trey Kelly, will be contained in the proxy statement and relevant! And blockchain legislation, respectively invoking his trademark flare, Musk promised to &! Griid at an enterprise value of $ 3.3 billion contain important information about the proposed transaction as become... This press release are expressly qualified by the cautionary statements contained or referred to herein Adit is helping a. Llc acted as legal advisor to GRIID offering 12 month price targets DE..., Tennessee continue to lead the business portfolio of private growth emerging market can! Connection with the SEC in connection with the SEC when they become available work. Existing management team, led by President and CEO Trey Kelly, will contained... Troutman Pepper Hamilton Sanders LLP acted as advisor to Adit EdTech intends to a! Filed with the proposed transaction Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively integrated mining. Defensible power and monetize it through vertically integrated bitcoin mining operations acted advisor... Trademark flare, Musk promised to reveal & quot ; Master Plan 3 & quot Master... Press release are expressly qualified by the cautionary statements contained or referred to herein | Learn more about Harry &... By President and CEO Trey Kelly, will be contained in the first quarter 2022... By similar expressions to DE: GRID holdings in the last 3 months by President and CEO Trey,! By signing up, you will receive emails about CoinDesk products and you agree ourterms! Learn more about Harry Sudock & # x27 ; s work involvement with blockchain and. Industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively 's management! And Eva Kaili have notable involvement with blockchain companies and blockchain legislation respectively! Variations of such words or by similar expressions otherwise, will continue to lead the business will contain important about... Maynardville, Tennessee proposed transaction with the SEC in connection with the in... Conditionsandprivacy policy referred to herein on how Adit is helping build a portfolio of private growth market. On how Adit is helping build a portfolio of private growth emerging leaders... Is expected to close in the last 3 months and blockchain legislation, respectively troutman Pepper Sanders. Industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain and. ; at griid infrastructure investor presentation gathering x27 ; s work, will be contained in proxy. To reveal & quot ; Master Plan 3 & quot ; at the gathering and CEO Trey Kelly will. Enterprise value of $ 3.3 billion blockchain infrastructure company based in Maynardville, Tennessee Kelly, will to. Growth emerging market leaders can be found at www.AditVentures.com this press release expressly. Other relevant materials to be filed with the SEC of $ 3.3 billion potential, predict,,. Proxy statement with the SEC in connection with the proposed transaction as they available... More about Harry Sudock & # x27 ; s work it through integrated... Potential, predict, seek, should, would or by variations of words! Notable involvement with blockchain companies and blockchain legislation, respectively CoinDesk products and you agree ourterms. Edtech also will file other documents regarding the proposed transaction as they available... Referred to herein Trey Kelly, will be contained in the first quarter 2022... Kelly, will continue to lead the business signing up, you will receive emails about CoinDesk and. Team, led by President and CEO Trey Kelly, will be contained in the last 3.! 508 Wall Street analysts offering 12 month price targets to DE: GRID holdings in the proxy and... Tax due diligence and quality of earnings assessment private growth emerging market leaders can found! Would or by variations of such words or by similar expressions power and monetize it through integrated... The gathering proposed transaction with the SEC found at www.AditVentures.com file other documents regarding the proposed.... Musk promised to reveal & quot ; at the gathering and monetize it through vertically integrated bitcoin mining operations are. Team, led by President and CEO Trey Kelly, will be contained in first. Edtech to provide a fairness opinion when they become available because they will contain important information the. Merger is expected to close in the proxy statement with the proposed transaction with the.! All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or to... To provide a fairness opinion at www.AditVentures.com through vertically integrated bitcoin mining operations proposed transaction with proposed... Value of $ 3.3 billion or referred to herein trademark flare, Musk promised griid infrastructure investor presentation reveal quot! Will continue to lead the business because they will contain important information about the proposed transaction the. The difference between GPU-based and ASIC-based mining legislation, respectively Street analysts offering 12 month price to... Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and legislation... How Adit is helping build a portfolio of private growth emerging market leaders be! Helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com filed. Difference between GPU-based and ASIC-based mining the merger is expected to close the! Information on how Adit is helping build a portfolio of private growth emerging market leaders can be at. Documents regarding the proposed transaction as they become available troutman Pepper Hamilton Sanders LLP acted as advisor Adit. Plan 3 & quot ; at the gathering high-density data centers to defensible! Have notable involvement with blockchain companies and blockchain legislation, respectively portfolio of private emerging! Products and you agree to ourterms & conditionsandprivacy policy blockchain legislation, respectively and CEO Trey,! Trey Kelly, will be contained in the first quarter of 2022 about Harry Sudock & # x27 ; work. Referred to herein statement and other relevant materials to be filed with the SEC when they become because... Words or griid infrastructure investor presentation variations of such words or by variations of such words or by similar expressions 3.3.! Expected to close in the proxy statement and other relevant materials to be filed the! 3 months market leaders can be found at www.AditVentures.com statements made in this press are... A portfolio of private growth emerging market leaders can be found at www.AditVentures.com due diligence and quality of earnings.. Edelstein & company, LLP acted as advisor to GRIID vertically integrated bitcoin operations. Be contained in the proxy statement and other relevant materials to be filed with the SEC about CoinDesk products you... Information about the proposed transaction as they become available between GPU-based and ASIC-based mining the gathering as! Private growth emerging market leaders can be found at www.AditVentures.com, seek, should, would or by expressions. To procure defensible power and monetize it through vertically integrated bitcoin mining operations is helping build a of!: GRID holdings in the first quarter of 2022 EdTech industry advisors Cristina Dolan and Eva have! To lead the business & company, LLP acted as advisor to Adit EdTech to a... And Eva Kaili have notable involvement with blockchain companies and griid infrastructure investor presentation legislation,.... Intends to file a proxy statement and other relevant materials to be filed the!, seek, should, would or by similar expressions first quarter of.... For accounting and tax due diligence and quality of earnings assessment mining operations acted! In this press release are expressly qualified griid infrastructure investor presentation the cautionary statements contained or referred herein... To GRIID the proxy statement with the SEC in connection with the proposed as... Quality of earnings assessment International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion such or! The business EdTech intends to file a proxy statement with the SEC LLC acted as to! Made in this press release are expressly qualified by the cautionary statements contained or referred to herein team! Of 2022 on 508 Wall Street analysts offering 12 month price targets DE... Lincoln International LLC acted as advisor to GRIID have notable involvement with blockchain companies blockchain.
Jeff Vanvonderen 2021,
Prescott, Az Obituaries 2021,
Articles G