release and investor presentation. 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. Wells Fargo Securities LLC, acted as the Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. 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. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Benzinga does not provide investment advice. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. Market Data copyright 2023 QuoteMedia. What is HIVEs approach to selling versus hoarding coins. Frank Holmes, CEO and CIO of U.S. internal and wireless security testing and assessment. 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. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. The biggest crypto news and ideas of the day. 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. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among 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. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, There are more than a million miners today from "Mom and Pop's" to Governments. 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. A proxy statement will be sent to all Adit EdTech 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. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Fast and reliable internet access, as well as a cool climate, help to lower costs. NEWS RELEASE Feb 21, 2023. . GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining 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. We currently mine Ethereum, Ethereum Classic and Bitcoin. 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. facilities across the United States. Benzinga does not provide investment advice. | Learn more about Harry Sudock's work . The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. How Ethereum's evolution impacts crypto markets. 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. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. 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 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 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 GRIIDs $525 million secured credit facility with Blockchain.com). 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. 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 GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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. 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. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Adit EdTech intends to file a proxy statement with the SEC. RT=Real-Time, EOD=End of Day, PD=Previous Day. The actual results or developments anticipated may not be realized or, even if 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. Have a question? The company is projecting 2023 revenue of $1.6 billion. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. stockholders. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. 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. events or otherwise. 2023 Benzinga.com. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. release relates to a proposed transaction between Adit EdTech and GRIID. Adit EdTechs CFO, 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 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. 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. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Please note all . Announces Adjournment of Special Meeting to Approve Extension Proposal. please contact. this press release. 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. The average price target is 32.31 with a high forecast of 36.89 and a low forecast of 27.52.The average price target represents a change from the last price 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. Upon completion of the proposed transaction. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 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. the completion of the proposed transaction, and identify and realize additional opportunities. 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. Follow. As of December 13, 2022. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. This press release relates to a proposed transaction between Adit EdTech and GRIID. Contact us. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public Elon Musk will aim to quiet any doubts about Tesla's standing in the electric car race on Wednesday when the serial entrepreneur convenes an investor day. We refer you to the Risk Factors and Managements Discussion and Analysis of Adit EdTech intends to file a proxy statement with the SEC. 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. 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