Mining Companies With Fewer Than 50 Employees . The company is projecting 2023 revenue of $1.6 billion. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. 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. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Be a smarter, safer investor in eight weeks. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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. 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. The company is projecting 2023 revenue of $1.6 billion. regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 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. 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 private firms that the principals believe are driving todays market and shaping tomorrows economy. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Adit EdTechs CFO, Griid Profile and History . griid | 1,570 followers on linkedin. 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. Fast and reliable internet access, as well as a cool climate, help to lower costs. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. 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. 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. 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. 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. 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. transaction, and identify and realize additional opportunities. 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. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. This is where GRIID Infrastructure's plan to revolutionize how Bitcoin is mined comes in. 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 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. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, All rights reserved. To learn more, visit griid.com. 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 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 foregoing list of factors is not exhaustive. . Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public It also maintains a portfolio of coins as inventory. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to 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 EdTechs securities on a national securities exchange, (x)the price of Adit 1345 Avenue of the Americas 33rd Floor New York, NY 10105, John DAgostino Chief Financial Officer T: 646-699-3027 dagostino@aditedtech.com, Continental Stock Transfer & Trust Company. 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 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). More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. These forward looking statements speak only as of the date of this press release. 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 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 Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Such statements are not guarantees of future performance and actual results or developments may GRIIDs existing management team, led by President and we expect proof-of-work mining and data centre infrastructure like HIVE's will always be an essential component of the blockchain and . 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. Wed, March 8, 2023, 12:00 . 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. 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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 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). 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. 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. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. 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 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 . Professional miner. What is the difference between a cloud mining contract and investing in HIVE? It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. Financial Condition and Results of 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 release and investor presentation. 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. SEC). After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Your weekly wrap of Web3 news and trends. A . 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. Such statements are not guarantees of future performance and actual This press Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Market Data copyright 2023 QuoteMedia. 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 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 You need a reliable and cheap source of electricity for your hardware. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . 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. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Public ADEX shareholders will own 9% of the combined company. please contact. Upon completion of the proposed transaction. 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 stockholders. 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. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. The deal values Griid at an enterprise value of $3.3 billion. 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. Angel investor. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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