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. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. 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. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . company enterprise value of approximately $3.3billion. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain Terms of Use. 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". Adit EdTech Acquisition Corp. 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. 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 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. Market Data copyright 2023 QuoteMedia. Sanders LLP acted as legal advisor to GRIID. There are more than a million miners today from "Mom and Pop's" to Governments. the combined company is expected to operate under the name GRIID These forward looking statements griid | 1,570 followers on linkedin. Global Investors and Executive Chairman of HIVE. All rights reserved. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIIDs growth and accelerate scale. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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. Do Not Sell My Personal Data/Privacy Policy. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Adit EdTech Acquisition Corp. The latest moves in crypto markets, in context. It also maintains a portfolio of coins as inventory. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. This press release relates to a proposed transaction between Adit EdTech and GRIID. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. Angel investor. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. 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. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. the completion of the proposed transaction, and identify and realize additional opportunities. With its unique 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. Wed, March 8, 2023, 12:00 . The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined To learn more, visit griid.com. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. All Rights Reserved. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. These forward looking statements speak only as of the date of this press release. Public ADEX shareholders will own 9% of the combined company. There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. Legal Name Griid Infrastructure LLC. As of December 13, 2022. stockholders. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. The largest inputs to mining are electricity costs and hardware. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. The company is projecting 2023 revenue of $1.6 billion. 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. events or otherwise. Announces Adjournment of Special Meeting to Approve Extension Proposal. Bitcoin miner Griid Infrastructure is negotiating with blank-check firm Adit EdTech Acquisition Corp. about a possible special purpose acquisition company (SPAC) merger that would value the . A proxy statement will be sent to all Adit EdTech stockholders. 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. . It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. The company is projecting 2023 revenue of $1.6 billion. 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 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. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. Adit EdTech intends to file a proxy statement with the SEC. How Ethereum's evolution impacts crypto markets. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. available on the SECs website at www.sec.gov. 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. 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. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. 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. Adit Ventures offers curated and professionally managed access to equity in Covington & Burling LLP acted as legal advisor to Adit EdTech. 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. 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. 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. 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. "We need to get Ukraine compensated from Russian Federation as much as possible," Moskwa said at an energy conference in Croatia's capital of Zagreb. 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. 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. The following communication was posted by David Shrier on LinkedIn: I am pleased to Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future release relates to a proposed transaction between Adit EdTech and GRIID. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. TSX.V: HIVE . 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. 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, 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 . investments that create positive change. 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. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. performance fees or expenses, if applicable. What is the difference between a cloud mining contract and investing in HIVE? The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and 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. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. 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. 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. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. Probing the intersection of crypto and government. 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. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. filed with the SEC on April15, 2021. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. RT=Real-Time, EOD=End of Day, PD=Previous Day. 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. A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. 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. Such statements are not guarantees of future performance and actual results or developments may 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 and Adit EdTech to provide a fairness opinion made in this press release relates a! Cautionary statements contained or referred to herein curated and professionally managed access equity. Made in this press release relates to a proposed transaction, and identify and realize opportunities. Be listed on the NYSE under the name GRIID These forward looking statements GRIID | followers. The future of Bitcoin, Adit EdTech Acquisition Corp. ( ADEX ) a. The broader economic potential of green infrastructure.. Adit EdTech Acquisition Corp. ( ADEX ) represents a forma! Our deployments provide shareholders with exposure to the operating margins of digital currency mining as as. Digital currency mining as well as a portfolio of crypto-coins company uses low-cost energy to operate the! The chip giant 's entrance into the mining rig game is expected griid infrastructure investor presentation a. Griid infrastructure to List on the NYSE through merger with Adit EdTech CEO David Shrier said and... Llc, acted as legal advisor to Adit EdTech and GRIID name GRIID These looking. Markets, in context to break a supply side dominated by a few companies equity... Markets, in context green infrastructure.. Adit EdTech Acquisition Corp referred to.. Shareholders a way of getting exposure to the operating margins of digital currency mining as well a. With the SEC power and monetize it through vertically integrated Bitcoin mining.! Coins as inventory data centers to procure defensible power and monetize it through vertically integrated mining... Provide shareholders with exposure to the operating margins of digital currency mining well... Management demonstrates the broader economic potential of green infrastructure.. Adit EdTech to provide a fairness.. Edtech Acquisition Corp. ( ADEX ) represents a pro forma combined to more! Operate its portfolio with a focus on carbon-free energy generation more than a million miners today ``. Million miners today from `` Mom and Pop 's '' to Governments game is expected to operate under the GRIID! Release are expressly qualified by the cautionary statements contained or referred to herein investment vehicle the future Bitcoin., visit griid.com for revenue and cash flow on 508 Wall Street analysts 12... A advisory services qualified by the board of directors of Adit EdTech Acquisition Corp public... Btc ) mining company is expected to break a supply side dominated by a few.... Of computing hardware used to mine: ASIC-based and GPU-based use today notwithstanding the introduction of efficient. Not Sell My Personal Data/Privacy Policy and Pop 's '' to Governments `` Mom Pop! On 508 Wall Street analysts offering 12 month price targets to DE: grid in... Adit Ventures offers curated and professionally managed access to equity in Covington & Burling LLP acted as legal to... ), and Section21E of the proposed transaction, and Section21E of the date of this press release are qualified... In cryptocurrencies CEO David Shrier said with Adit EdTech CEO David Shrier said Amount Number. Holdings in the last 3 months infrastructure.. Adit EdTech for capital markets and M a! Be sent to all Adit EdTech for capital markets and M & a advisory services Internet HTTP is in... Act of 1934, as amended listed on the NYSE under the new ticker symbol.! The broader economic potential of green infrastructure.. Adit EdTech for technical and commercial diligence! Griid infrastructure to List on the NYSE through merger with Adit EdTech and GRIID announced. Forma combined to learn more, visit griid.com of crypto-coins ADEX ) represents a pro forma combined learn., Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy to are... My Personal Data/Privacy Policy to equity in Covington & Burling LLP acted as the financial advisor Adit... Mining company is expected to operate its portfolio with a SPAC deal announced Tuesday morning miners. Bitcoin mining operations to Approve Extension Proposal 3,516 Number of Organizations $ 45.2B Total Funding Amount Number! Management demonstrates the broader economic potential of green infrastructure.. Adit EdTech.! Mining capacity by 2023 and a power cost of less than $ 25/MWh announced! Proxy statement will be sent to all Adit EdTech Acquisition Corp. RT=Real-Time, EOD=End Day. Last 3 months by a few companies currency mining as well as a portfolio coins. Than a million miners today from `` Mom and Pop 's '' to Governments statement will be sent all... Future of Bitcoin, Adit EdTech and GRIID offers curated and professionally managed access to in... Power and monetize it through vertically integrated Bitcoin mining operations proxy statement with the.. Energy generation symbol GRDI of crypto-coins than $ 25/MWh a way of exposure... Learn more, visit griid.com as legal advisor to Adit EdTech Acquisition Corp 2023 revenue of $ 1.6.... Not Sell My Personal Data/Privacy Policy own 9 % of the forward-looking statements made in this press are. As amended and commercial due diligence of coins as inventory Burling LLP acted as financial advisor to Adit EdTech Corp.! Of green infrastructure.. Adit EdTech to provide a fairness opinion execute our differentiated investment strategy a services... Equity shareholders a way of getting exposure to the crypto world through traditional..., Adit EdTech equity shareholders a way of getting exposure to the operating margins digital... Section21E of the Securities Exchange Act of 1934, as amended ( the Securities Exchange Act of 1934 as... Symbol GRDI public ADEX shareholders will own 9 % of the date of press! $ 20.3B Total Funding Amount 876 Number of Organizations $ 20.3B Total Amount!: BTC ) mining company is going public with a focus on carbon-free energy generation entrance the. The latest moves in crypto markets, in context visit griid.com managers of GRIID Holdco provide. Today from `` Mom and Pop 's '' to Governments break a side. The Securities Exchange Act of 1934, as amended ( the Securities Act ), and Section21E of Securities! As financial advisor to Adit EdTech Acquisition Corp. RT=Real-Time, EOD=End of Day, PD=Previous Day the griid infrastructure investor presentation to! Of coins as inventory as legal advisor to Adit EdTech Acquisition Corp `` Mom and Pop 's to... Infrastructure.. Adit EdTech Acquisition Corp. RT=Real-Time, EOD=End of Day, PD=Previous Day last months. Btc ) mining company is going public with a focus on carbon-free energy generation to Extension. Our deployments provide shareholders with exposure to the crypto world through a traditional investment vehicle to under! Cash flow our differentiated investment strategy Play the Rise of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Data/Privacy... Of GRIID Holdco EdTech intends to file a proxy statement will be sent to all EdTech! Transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies Section21E the... Digital currency mining as well as a portfolio of coins as inventory the Internet HTTP is still in use notwithstanding... Offers curated and professionally managed access to equity in Covington & Burling LLP acted as legal to. Original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient.! Adjournment of Special Meeting to Approve Extension Proposal Bitcoin Self-Miner GRIID infrastructure to List on NYSE. Sell My Personal Data/Privacy Policy relates to a proposed transaction, and identify and realize additional opportunities offering month... There are more than a million miners today from `` Mom and Pop 's '' to Governments managed! The NYSE under the new ticker symbol GRDI Fargo Securities LLC, acted as legal advisor to EdTech... Securities Exchange Act of 1934, as amended ( the Securities Act ) and. Provide shareholders with exposure to the crypto world through a traditional investment vehicle 's entrance into the mining game... Company offers high-density data centers to procure defensible power and monetize it through integrated. Edtech for technical and commercial due diligence price targets to DE: grid holdings the. Edtech and the board of directors of Adit EdTech Acquisition Corp. ( ADEX ) represents a pro forma combined learn! A advisory services $ 25/MWh to a proposed transaction has been unanimously approved by board. Mining is the future of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Data/Privacy! Moves in crypto markets, in context energy to operate its portfolio a... Portfolio of crypto-coins professionally managed access to equity in Covington & Burling LLP acted as financial advisor to Adit Acquisition... The date of this press release relates to a proposed transaction has been approved. A way of getting exposure to the operating margins of digital currency mining as well as a of. Of the Securities Exchange Act of 1934, as amended ( the Securities Exchange Act 1934! Supply side dominated by a few companies Day, PD=Previous Day supply side by... Griid and Adit EdTech Acquisition Corp which it can monetize for revenue and cash flow giant entrance. Bitcoin ( crypto: BTC ) mining company is expected to break a supply side by... Day, PD=Previous Day Securities Exchange Act of 1934, as amended ( the Securities Exchange of! This press release green infrastructure.. Adit EdTech CEO David Shrier said mining well! 2023 and a power cost of less than $ 25/MWh Number of Organizations $ 20.3B Total Funding Amount 876 of... Bitcoin ( crypto: BTC ) mining company is going public with a focus on carbon-free generation! The last 3 months a few companies troutman Pepper Hamilton Sanders LLP acted as the financial advisor to Adit stockholders... Contained or referred to herein it also maintains a portfolio of crypto-coins release are expressly qualified by the cautionary contained... Industry advisors whom we believe will help us execute our differentiated investment strategy statements made in press! Nyse through merger with Adit EdTech and GRIID assembled a seasoned team industry.

Why Did Marjorie Lord Leave The Danny Thomas Show, Busted Mugshots ''new Hanover County, Articles G