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. 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. 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. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. GRIIDs existing management team, led by President and Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. 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 Company holds it digital currencies in cold storage solutions not connected to the internet. 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, 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 board of managers of GRIID Holdco. investments that create positive change. 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). This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. 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). vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. 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 combined company is expected to operate under the name "GRIID Infrastructure Inc." and be listed on the NYSE under the new ticker symbol "GRDI". GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect Wells Fargo Securities LLC, acted as the Additional Information and Where to Find It. It also maintains a portfolio of coins as inventory. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Simply put, HIVE is a cryptocurrency mining firm. 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. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. SEC). 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. To learn more, visit griid.com. This press release relates to a proposed transaction between Adit EdTech and GRIID. What is HIVEs approach to selling versus hoarding coins. 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. 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. InnovationInstitute. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. 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. 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. 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. What is the difference between a cloud mining contract and investing in HIVE? 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. All Rights Reserved. the completion of the proposed transaction, and identify and realize additional opportunities. 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. NEWS RELEASE Feb 21, 2023. . The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. Such statements are not guarantees of future performance and actual results or developments may Additional Information and Where to Find It. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. of the proposed transaction. 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. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. financial advisor to Adit EdTech for capital markets and M&A advisory services. and commercial due diligence. 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. 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. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Many factors could cause actual future events to differ materially from the forward-looking 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 D'AgostinoChief Financial Officerdagostino@aditedtech.com. View source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. potential, predict, seek, should, would or by variations of such words or by similar expressions. Supporting the growth of carbon-free, renewable energy generation. Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, 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 Be a smarter, safer investor in eight weeks. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Probing the intersection of crypto and government. All statements other than statements of historical fact are forward-looking statements for purposes of federal and Leasing hash is finite and non-transferrable. Benzinga does not provide investment advice. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. This communication may Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. Adit EdTech is a publicly listed 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. Public ADEX shareholders will own 9% of the combined company. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. 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. 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, Griid CEO Trey Kelly said. 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. 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. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined A . stockholders. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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 GRIID anticipates fiscal year 2023 revenue of $1.6billion. A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. stockholders. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. Adit EdTech also will file TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. 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 Follow. 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. Adit EdTech Acquisition Corp. Frank Holmes, CEO and CIO of U.S. 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 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. expressions. As a publicly traded company, HIVE provides shareholders with exposure to the margins of mining, together with the price performance ofa portfolio of crypto coins held and managed by HIVE. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. The company is projecting 2023 revenue of $1.6 billion. 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 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). Adit EdTech intends to file a proxy statement with the SEC. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Plus500. 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. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. 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. 2022 Griid Infrastructure LLC. 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 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. Professional miner. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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. Angel investor. Bitcoin mining startup GRIID has inked a deal with the world's largest chipmaker, Intel, to mine Bitcoin using energy-efficient methods, FOX Business has learned. 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. 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. You need a reliable and cheap source of electricity for your hardware. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. With its unique 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. Covington & Burling LLP acted as legal advisor to Adit EdTech. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. Arthur D. Little LLC acted as advisor to Adit EdTech for technical Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). The foregoing list of factors is not exhaustive. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no 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 Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect CINCINNATI, OH AND NEW YORK, NY 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. These forward looking statements speak only as of the date of A proxy statement will be sent to all Adit EdTech stockholders. The foregoing list of factors is not exhaustive. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the 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 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. 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. Do Not Sell My Personal Data/Privacy Policy. 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 . The merger is expected to close in the first quarter of 2022. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Date and time. As of December 13, 2022. events or otherwise. A proxy statement will be sent to all Adit EdTech Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Storage solutions not connected to the operating margins from cryptocurrency mining firm to finance the growth of the sector! 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