The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. The latest moves in crypto markets, in context. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. The company is projecting 2023 revenue of $1.6 billion. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 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) (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 which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. Have a question? All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Follow. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no this press release. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Date and time. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. Description. Secure Your Seat. 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. private firms that the principals believe are driving todays market and shaping tomorrows economy. "It should be decent compensation for everything, for . Griid plans on having a breakeven. 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). Supporting the growth of carbon-free, renewable energy generation. 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. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. The foregoing list of factors is not exhaustive. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. Contact us. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant Covington & Burling LLP acted as legal advisor to Adit EdTech. 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. These forward looking statements speak only as of the date of this press release. Market Data copyright 2023 QuoteMedia. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Adit EdTech intends to file a proxy statement with the SEC. TSX.V: HIVE . More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. By Do It Right LLC. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . 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. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. 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. Gillian Tan. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. Securities Act. On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. 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 The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. D'AgostinoChief Financial Officerdagostino@aditedtech.com. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to This communication may This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. 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. 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. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. griid | 1,570 followers on linkedin. 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. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. 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. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. These forward looking statements The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined 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 SEC). 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. 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. According the company's website, the organization says that they "procure low-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities." 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. 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. 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 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 Griid. 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. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed Your weekly wrap of Web3 news and trends. What are the keys to successful crypto mining? The biggest crypto news and ideas of the day. With its unique NEWS RELEASE Feb 21, 2023. . Terms of Use. 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. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. This announcement is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii)risks that the 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. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. GRIIDs existing management team, led by President and 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 internal and wireless security testing and assessment. 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 These forward looking statements speak only as of the date of Adit EdTech also will file Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion. 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 Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving todays market and shaping tomorrows economy. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). 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. 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. 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). SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. public bitcoin miners at the lowest cost of scaled production. 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 Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Fast and reliable internet access, as well as a cool climate, help to lower costs. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. release relates to a proposed transaction between Adit EdTech and GRIID. 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. The deal values the combined. prior to registration or qualification under the securities laws of such state or jurisdiction. 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 . Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. 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. 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 announce that less than a year since our IPO, $ADEX has signed a definitive agreement with what I believe to be an exceptional carbon-free bitcoin mining company: GRIID Infrastructure. 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. Of Adit EdTech intends to file a proxy statement with the proposed between. Organizations $ 45.2B Total Funding Amount 1,905 Number of Organizations $ 45.2B Total Funding 1,905... Words or by variations of such words or by similar expressions traditional capital markets will merge with Adit intends. 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