Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public Proof-of-stake is an alternative method of fulfilling the same function as proof-of-work mining the validation of cryptocurrency transactions by having parties deposit, or stake, amounts of cryptocurrency into a smart contract. InnovationInstitute. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. performance fees or expenses, if applicable. (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 After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Plus500. Cryptocurrency is extremely competitive, hence the need for efficiencies of 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. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. The deal values the combined. All rights reserved. company enterprise value of approximately $3.3billion. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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 investments that create positive change. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The largest inputs to mining are electricity costs and hardware. HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. 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. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Upon completion of the proposed transaction. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Securities Act. Do Not Sell My Personal Data/Privacy Policy. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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. 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). Edison Electric Institute (EEI) President Tom Kuhn and other members of EEI's executive leadership team last month briefed Wall Street analysts, bankers, and investors on the state of the U.S. electric power industry. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Adit EdTech also will file The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. potential, predict, seek, should, would or by variations of such words or by similar expressions. Pursuant to Rule 425 under the Securities Act of 1933. 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). 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 Benzinga does not provide investment advice. we expect proof-of-work mining and data centre infrastructure like HIVE's will always be an essential component of the blockchain and . filed with the SEC on April15, 2021. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. 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. The merger is expected to close in the first quarter of 2022. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. results or developments may differ materially from those projected in the forward-looking statements. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. 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 vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. 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. Head to consensus.coindesk.com to register and buy your pass now. 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. | Learn more about Harry Sudock's work . GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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. 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. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. 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. Wed, March 8, 2023, 12:00 . Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. 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. Date and time. Upon completion of the proposed transaction. could give rise to the termination of the merger agreement, (vi)the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock $525million credit facility will be used to fund GRIIDs growth and accelerate scale. 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. 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. internal and wireless security testing and assessment. A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. Adit EdTech is a publicly listed Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. Wells Fargo Securities LLC, acted as the 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. 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. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. 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. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-Kfor the year ended December 31, 2020 All statements other than statements of historical fact are forward-looking statements for purposes of federal and facilities across the United States. 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. 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. Contact us. 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. Adit EdTech intends to file a proxy statement with the SEC. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company Description. These forward looking statements speak only as of the date of this press release. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant 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. . 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. Founded in 2018, GRIID Infrastructure is 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. Follow. The company is headquartered in Cincinnati, Ohio. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. 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 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 press release. available on the SECs website at www.sec.gov. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. 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 CoinDesk journalists are not allowed to purchase stock outright in DCG. The company is projecting 2023 revenue of $1.6 billion. 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 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. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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, CEO and CIO of U.S. 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 . GRIIDs combination of a large 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". What are the keys to successful crypto mining? 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. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined Adit Ventures offers curated and professionally managed access to equity in All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. 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. 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. events or otherwise. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. filed with the SEC on April15, 2021. 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 For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. This press release relates to a proposed transaction between Adit EdTech and GRIID. 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. 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. SEC). 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. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. Griid Profile and History . 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 CINCINNATI, OH AND NEW YORK, NY Angel investor. 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. 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 Such statements are not guarantees of future performance and actual 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. The small Ohio-based GRIID is. stockholders. proxy statement/prospectus 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. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. TSX.V: HIVE . 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. Adit EdTech intends to file a proxy statement with the SEC. 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 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 . HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. 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. expressions. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving today's market and shaping tomorrow's economy. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no differ materially from those projected in the forward-looking statements. ", 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.". The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, Supporting the growth of carbon-free, renewable energy generation. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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. 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. Professional miner. 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. We refer you to the Risk Factors and Managements Discussion and Analysis of After a decadeand massive growth in total crypto market capitalization, this consensus mechanism has proven to be stable and highly secure, and has withstood numerous hacking attempts. 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 . TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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