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. 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. How Ethereum's evolution impacts crypto markets. Public ADEX shareholders will own 9% of the combined company. Based in Cincinnati, Ohio, GRIID is a profitable, This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. 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. 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 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. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. "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. 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. The actual results or developments anticipated may not be realized or, even if 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. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining 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. 2022 Griid Infrastructure LLC. 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. Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Additional Information and Where to Find It. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. These statements express a belief, expectation Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. 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. 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). 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 The transformation of value in the digital age. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 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. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. Global Investors and Executive Chairman of HIVE. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Please note all . "It should be decent compensation for everything, for . For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, www.sec.gov. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. 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 events or otherwise. 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. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Adit EdTechs 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 SECs website at www.sec.gov. transaction, and identify and realize additional opportunities. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . The biggest crypto news and ideas of the day. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Description. D'AgostinoChief Financial Officerdagostino@aditedtech.com. 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. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Adit EdTech is a publicly listed The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. Sanders LLP acted as legal advisor to GRIID. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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 SEC). This press release relates to a proposed transaction between Adit EdTech and 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. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. ", 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.". (November 30, 2021) 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. 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. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Wed, March 8, 2023, 12:00 . 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 . Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. available on the SECs website at www.sec.gov. 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, On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. 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. Adit EdTech Acquisition Corp. 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. 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 . Public ADEX shareholders will own 9% of the combined company. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving todays market and shaping tomorrows economy. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Leasing hash is finite and non-transferrable. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. 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). Contact us. The small Ohio-based GRIID is. We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. 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 deal values Griid at an enterprise value of $3.3 billion. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 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 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. company enterprise value of approximately $3.3billion. 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 By Do It Right LLC. 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). CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. March 2021 Good Works . Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020, and other filings made with the SEC and that are available on the SECs website at With its unique Adit Ventures offers curated and professionally managed access to equity in stockholders. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. 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. Track . The largest inputs to mining are electricity costs and hardware. 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 Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. News and analysis for the professional investor. These forward looking statements speak only as of the date of this press release. This is the main distinction from HIVE. 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. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. 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. On Tuesday, the three-year-old. 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 . Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company CEO Trey Kelly, will continue to lead the business. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. Mining Companies With Fewer Than 50 Employees . 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. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. 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. 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'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. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing 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. Such statements are not guarantees of future performance and actual results or developments may the transaction may not be completed by Adit EdTechs 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 Supporting the growth of carbon-free, renewable energy generation. 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 Plus500. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. performance fees or expenses, if applicable. 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 . An investor presentation and The merger is expected to close in the first quarter of 2022. 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. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. To learn more, visit griid.com. The deal values Griid at an enterprise value of $3.3 billion. These forward looking statements speak only as of the date of Cincinnati-based Griid is a vertically integrated bitcoin mining company that operates a broad portfolio of energy infrastructure and bitcoin mining farms in the U.S. You need a reliable and cheap source of electricity for your hardware. 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. 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. Announces Adjournment of Special Meeting to Approve Extension Proposal. 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. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. Adit EdTech intends to file a proxy statement with the SEC. Pursuant to Rule 425 under the Securities Act of 1933. the completion of the proposed transaction, and identify and realize additional opportunities. InnovationInstitute. Have a question? To learn more, visit griid.com. release and investor presentation. This is where GRIID Infrastructure's plan to revolutionize how Bitcoin is mined comes in. For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. 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