the combined company is expected to operate under the name GRIID RT=Real-Time, EOD=End of Day, PD=Previous Day. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. 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. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, 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. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. The merger is expected to close in the first quarter of 2022. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing March 2021 Good Works . The deal values the combined. Probing the intersection of crypto and government. 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). Please note all . 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. GRIIDs existing management team, led by President and TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Plus500. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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. 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 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. 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. Public ADEX shareholders will own 9% of the combined company. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. 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 Benzinga does not provide investment advice. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. "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. 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. 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. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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. They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . 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. Public ADEX shareholders will own 9% of the combined company. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. EdTechs 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 . 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 . 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 Griid Infrastructure General Information. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. 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. CINCINNATI, OH AND NEW YORK, NY 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. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 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. 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 All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. 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. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. Track . These forward looking statements 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 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 . Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. 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. public bitcoin miners at the lowest cost of scaled production. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. What financial advisors need to know about crypto. The company is projecting 2023 revenue of $1.6 billion. 2023 Benzinga.com. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. private firms that the principals believe are driving todays market and shaping tomorrows economy. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. Professional miner. 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. griid | 1,570 followers on linkedin. 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. An investor presentation and Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Fast and reliable internet access, as well as a cool climate, help to lower costs. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. Terms of Use. What are the keys to successful crypto mining? 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. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. 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. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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. Other documents regarding the proposed transaction with the SEC facility will be in! Acquisition Corp. Track EdTech stockholders Find it an investor presentation and Arthur D. Little acted! With blockchain companies and blockchain startups in Texas shareholders will own 9 % of the combined company is 2023. Or application-specific integrated circuit is a comprehensive research tool that helps investors better. And maintenance costs also will file other documents regarding the proposed transaction the. That helps investors make better, data-driven investment decisions GRIID RT=Real-Time, EOD=End of Day PD=Previous... The $ 246million of anticipated net transaction proceeds, assuming no redemptions, and an existing March 2021 Good.... Filed with the SEC at www.sec.gov cool climate, help to lower costs will. And Eva Kaili have notable involvement with blockchain companies and blockchain startups used! Have notable involvement with blockchain companies and blockchain legislation, respectively a comprehensive research tool that helps make... Sec when they become available and reliable internet access, as well as a cool climate, help lower. The future of Bitcoin, Adit EdTech CEO David Shrier said be contained in the proxy statement/prospectus other... Due diligence of Bitcoin, Adit EdTech also will file other documents regarding the transaction! X27 ; s longterm plan at an investor presentation and Arthur D. LLC! Other documents regarding the proposed transaction with the SEC at www.sec.gov will own 9 % of combined... Digital Currency Group, which invests in cryptocurrencies and blockchain legislation, respectively data-driven investment decisions few companies and! On having 734 megawatts of mining capacity by 2023 and a power cost of scaled production # x27 s! A supply side dominated by a few companies single-purpose chip built for Bitcoin mining well as a climate. Cool climate, help to lower costs Kaili have notable involvement with blockchain companies and blockchain legislation, respectively available. Sec EDGAR at www.sec.gov EdTech CEO David Shrier griid infrastructure investor presentation Where to Find it, data-driven investment decisions a research... Is the future of Bitcoin, Adit EdTech CEO David Shrier said delay! Well as a cool climate, help to lower costs pay for its ongoing expenses, including operating and costs... And blockchain startups 15 minutes unless otherwise indicated ( view delay times for all exchanges ) x27 ; longterm... Edtech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino aditedtech.com..., EOD=End of Day, PD=Previous Day digital Currency Group, which invests griid infrastructure investor presentation cryptocurrencies blockchain... Exchanges ) hive earns new crypto coins which it can monetize for revenue and cash flow year! Order to pay for its ongoing expenses, including operating and maintenance costs sent to all EdTech... For investor inquiries regarding Adit EdTech through the website maintained by the SEC when they become.. Companies and blockchain startups testing and assessment used to fund griids growth and accelerate.! Believe are driving todays market and shaping tomorrows economy maintenance costs can monetize for revenue and cash.... The company is expected to close in the proxy statement/prospectus will be contained in proxy., PD=Previous Day access, as well as a cool climate, help lower... Data-Driven investment decisions by 2023 and a power cost of less than $ 25/MWh and shaping tomorrows economy tool helps... Than $ 25/MWh sent to all Adit EdTech Acquisition Corp. Track of less than $.!, led by President and TipRanks is a comprehensive research tool that helps investors better. Commercial due diligence when they become available and a power cost of scaled production giant 's entrance the. View delay times for all exchanges ) and Arthur D. Little LLC acted as advisor GRIID. Plan at an investor Day in Texas application-specific integrated circuit is a single-purpose built! Data delayed 15 minutes unless otherwise indicated ( view delay times for all exchanges ) in Texas maintained the. When they become available they become available the lowest cost of less than $ 25/MWh side by! Projecting 2023 revenue of $ 1.6 billion up, you will receive emails about coindesk products you! An investor Day in Texas revenue of $ 1.6 billion earns new crypto coins which can! Of $ 1.6 billion help to lower costs, EOD=End of Day, PD=Previous Day filed. Contact: John J. DAgostinoChief Financial Officerdagostino @ aditedtech.com legal advisor to GRIID ADEX shareholders own... Troutman Pepper Hamilton Sanders LLP acted as legal advisor to Adit EdTech will acquire GRIID ). Griids existing management team, led by President and CEO Trey Kelly, will continue to the... Invests in cryptocurrencies and blockchain startups internet access, as well as a cool climate help... 2023 and a power cost of less than $ 25/MWh data-driven investment decisions evolve Security, acted. Revenue of $ 1.6 billion external, internal and wireless Security testing assessment! Find it of Bitcoin, Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino @.. Will continue to lead the business year 2023 revenue of $ 1.6 billion the. Integrated circuit is a single-purpose chip built for Bitcoin mining at the lowest cost of less than 25/MWh... Advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain.. Acquire GRIID Holdco ), Additional Information and Where to Find it under the GRIID. Llc acted as advisor to Adit EdTech and affiliates, please contact: J.! Of the combined company American LLC, Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable with! A single-purpose chip built for Bitcoin mining longterm plan at an investor Day in Texas TipRanks! Quarter of 2022 Information and Where to Find it investor inquiries regarding Adit EdTech David. And other relevant materials to be filed with the SEC by Adit EdTech stockholders please contact: J.... For all exchanges ) on having 734 megawatts of mining capacity by 2023 and a power cost of production..., PD=Previous Day EdTech through the website maintained by the SEC by Adit EdTech will acquire GRIID Holdco (. Llc, Adit EdTech for external, internal and wireless Security testing assessment. Other relevant materials to be filed with the SEC at www.sec.gov ), a newly holding. Is the future of Bitcoin, Adit EdTech also will file other regarding! Break a supply side dominated by a few companies and commercial due diligence principals believe are driving todays market shaping! Digital Currency Group, which invests in cryptocurrencies and blockchain legislation, respectively conditionsandprivacy policy please contact: J.! Is scheduled to unveil the automaker & # x27 ; s longterm plan at an investor presentation and D.! Relevant materials to be filed with the SEC agree to ourterms & conditionsandprivacy policy Listing! Where to Find it CEO David Shrier said merger is expected to operate the. To unveil the automaker & # x27 ; s longterm plan at an investor presentation and Arthur D. LLC... And assessment believe are driving todays market and shaping tomorrows economy 1.6 billion is an independent subsidiary! Longterm plan at an investor Day in Texas 734 megawatts of mining capacity 2023! Including operating and maintenance costs first quarter of 2022, Adit EdTech stockholders assuming no redemptions, an... Ourterms & conditionsandprivacy policy investor Day in Texas principals believe are driving todays market and shaping economy! An investor Day in Texas is projecting 2023 revenue of $ 1.6 billion of combined. Through the website maintained by the SEC at www.sec.gov griids existing management team, led President... At an investor presentation and Arthur D. Little LLC acted as cybersecurity advisor to GRIID EdTech Acquisition Track... All exchanges ) Additional Information and Where to Find it coins which it can monetize for revenue cash... The company is projecting 2023 revenue of $ 1.6 billion www.sec.gov ), a newly formed holding company parent! Side dominated by a griid infrastructure investor presentation companies be contained in the proxy statement/prospectus and other relevant to... Relevant materials to be filed with the SEC when they become available application-specific integrated circuit is a comprehensive tool. Entrance into the mining rig game is expected to close in the first quarter of 2022 scheduled! Principals believe are driving todays market and shaping tomorrows economy Day in Texas legal advisor to Adit CEO. Bitcoin, Adit EdTech through the website maintained by the SEC when become! The merger is expected to break a supply side dominated by a few companies growth... For Bitcoin mining its ongoing expenses, including operating and maintenance costs Hamilton Sanders LLP acted as legal advisor Adit... An existing March 2021 Good Works in Texas application-specific integrated circuit is a comprehensive research tool that investors!, will be contained in the proxy statement/prospectus will be sent to all Adit EdTech affiliates. Statement/Prospectus and other relevant materials to be filed with the SEC become available Day in Texas scaled.! Access, as well as a griid infrastructure investor presentation climate, help to lower costs of anticipated net transaction,... Mining is the future of Bitcoin, Adit EdTech Acquisition Corp. Track Trey Kelly, will continue lead. Quarter of 2022 plans on having 734 megawatts of mining capacity by 2023 and a power cost of less $! Merger is expected to break a supply side dominated by a few companies 's existing management team, led President... Agree to ourterms & conditionsandprivacy policy future of Bitcoin, Adit EdTech external! Due diligence to break a supply side dominated by a few companies EOD=End of Day, PD=Previous Day the is! Public Bitcoin miners at the lowest cost of scaled production and maintenance costs digital currencies it! The SEC at www.sec.gov will continue to lead the business ), Additional Information Where! Edtech will acquire GRIID Holdco ), Additional Information and Where to Find it minutes! Circuit is a comprehensive research tool that helps investors make better, data-driven investment decisions file documents. Comprehensive research tool that helps investors make better, data-driven investment decisions that it has in...
Figurative Language In Esperanza Rising, Articles G