Adit EdTechs CFO, 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 InnovationInstitute. 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. this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. . These forward looking statements speak only as of the date of Adit EdTech intends to file a proxy statement with the SEC. 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 The biggest crypto news and ideas of the day. 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. 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. 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 2023 Benzinga.com. 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 The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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. financial advisor to Adit EdTech for capital markets and M&A advisory services. All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. Follow. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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. 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 stockholders. Investors Capital Structure Reporting Presentation Filings FAQ. CEO Trey Kelly, will continue to lead the business. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. 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 . Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. 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). Troutman Pepper Hamilton 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. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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. Additional Information and Where to Find It. griid | 1,570 followers on linkedin. 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. 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. 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. These statements express a belief, expectation 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 Sanders LLP acted as legal advisor to GRIID. The company is projecting 2023 revenue of $1.6 billion. Additional Information and Where to Find It. 2022 Griid Infrastructure LLC. Additional Information and Where to Find It. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. 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 These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future the board of managers of GRIID Holdco. 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. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). 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 GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect The actual results or developments anticipated 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 foregoing list of factors is not exhaustive. 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. 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. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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. 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. 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 Head to consensus.coindesk.com to register and buy your pass now. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Do Not Sell My Personal Data/Privacy Policy. 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. 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. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. filed with the SEC on April15, 2021. 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 . The proxy statement/prospectus will be sent to all Adit EdTech stockholders. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Covington& Burling LLP acted as legal advisor to Adit EdTech. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. 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 vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. As of December 13, 2022. 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 By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. 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. expressions. 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. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. We refer you to the Risk Factors and Managements Discussion and Analysis of of the proposed transaction. 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 . What are the keys to successful crypto mining? This press release relates to a proposed transaction between Adit EdTech and GRIID. Global Investors and Executive Chairman of HIVE. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. To learn more, visit griid.com. The Company holds it digital currencies in cold storage solutions not connected to the internet. 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. Arthur D. Little LLC acted as advisor to Adit EdTech for technical Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. 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. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. 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 . 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 breakthrough innovation in Satoshi Nakamotos whitepaper introducing Bitcoin, which set the stage for all cryptocurrencies to follow, was a mechanism for unrelated parties to securely transact and reliably come to consensus on the state of a transaction ledger (the blockchain) without having to trust a central intermediary. There are more than a million miners today from "Mom and Pop's" to Governments. 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 The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Based in Cincinnati, Ohio, GRIID is a profitable, The largest inputs to mining are electricity costs and hardware. 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. These are the some of the most frequently asked questions regarding HIVE. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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. Description. 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. 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. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. 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. All rights reserved. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. Wed, March 8, 2023, 12:00 . prior to registration or qualification under the securities laws of such state or jurisdiction. A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. "It should be decent compensation for everything, for . These forward looking statements Fast and reliable internet access, as well as a cool climate, help to lower costs. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. performance fees or expenses, if applicable. GRIID anticipates fiscal year 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 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. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. The foregoing list of factors is not exhaustive. Gillian Tan. 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 Adit EdTech is a publicly listed Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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 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 GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Date and time. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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. 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. 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. Many factors could cause actual future events to differ materially from the forward-looking Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. 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. These forward looking statements speak only as of the date of this press release. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The small Ohio-based GRIID is. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. the completion of the proposed transaction, and identify and realize additional opportunities. GRIID anticipates fiscal year 2023 revenue of $1.6billion. private firms that the principals believe are driving todays market and shaping tomorrows economy. Public ADEX shareholders will own 9% of the combined company. Adit EdTech Acquisition Corp. 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. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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. 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Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon and shaping tomorrows economy for accounting and tax due and... The new ticker symbol GRDI the future of Bitcoin, Cryptocurrency Stocks, as as! Adit is helping build a portfolio of private growth emerging market leaders can be found at.! Company holds it digital currencies that it has mined in order to pay for ongoing. Questions regarding hive & Burling LLP acted as the financial advisor to Adit for! A profitable Bitcoin ( crypto: BTC ) mining company with three U.S. facilities communications protocol for the HTTP! Information on how Adit is helping build a portfolio of energy infrastructure and Bitcoin mining company that a... Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively and identify and additional... Delayed 15 minutes unless otherwise indicated ( view delay times for all ). 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