Adit EdTech also will file Legal Name Griid Infrastructure LLC. Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. 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. 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." Based in Cincinnati, Ohio, GRIID is a profitable, GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. All rights reserved. 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. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to investments that create positive change. 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. 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. On Tuesday, the three-year-old. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. 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 Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. 2022 Griid Infrastructure LLC. 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. 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 As of December 13, 2022. 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. 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. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. stockholders. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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 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. A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. 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 Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. 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 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 GRIID's $525 million secured credit facility with Blockchain.com). With its unique Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Adit EdTech intends to file a proxy statement with the SEC. 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. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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 three firms known to have secured supply agreements with the chip giant. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. What are the keys to successful crypto mining? 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. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. The deal values Griid at an enterprise value of $3.3 billion. 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. 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 . We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Adit EdTech's 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 SEC's website at www.sec.gov. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. 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. 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. CoinDesk journalists are not allowed to purchase stock outright in DCG. 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. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. 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. Public ADEX shareholders will own 9% of the combined company. The actual results or developments anticipated Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. 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 These forward looking statements These forward looking statements speak only as of the date of When and where. 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 . This press Additional Information and Where to Find It. 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. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With 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. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.comView 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. Covington& Burling LLP acted as legal advisor to Adit EdTech. Terms of Use. 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 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. 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 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 Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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 investments that create positive change. The presentation doesn't specifically identify the miner as Intel's, but Griid is known to be working with Intel based on a previously published supply agreement and Intel's own statements. 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. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). other documents regarding the proposed transaction with the SEC. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Troutman Pepper Hamilton The small Ohio-based GRIID is. 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. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner The actual results or developments anticipated may not be realized or, even if The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. SEC). Be a smarter, safer investor in eight weeks. TSX.V: HIVE . For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. Do Not Sell My Personal Data/Privacy Policy. The company is projecting 2023 revenue of $1.6 billion. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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. The biggest crypto news and ideas of the day. 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. GRIIDs existing management team, led by President and 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. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to : //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 EdTech for accounting and tax due diligence and quality of assessment! $ 1.6 billion and ideas of the forward-looking statements made in this press release are expressly qualified by the of. 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