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. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. 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. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Such statements are not guarantees of future performance and actual results or developments may redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. Announces Adjournment of Special Meeting to Approve Extension Proposal. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. The deal values Griid at an enterprise value of $3.3 billion. All rights reserved. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. 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. Please review the disclaimers carefully and other important information found in the press release relates to a proposed transaction between Adit EdTech and GRIID. 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 Your weekly wrap of Web3 news and trends. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. griid | 1,570 followers on linkedin. To learn more, visit griid.com. 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 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. 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 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. events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, 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. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, The foregoing list of factors is not exhaustive. Track . About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. 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 . Adit EdTech intends to file a proxy statement with the SEC. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and A proxy statement will be sent to all Adit EdTech stockholders. 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. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. ", Eric Munson, Adit's founder and Managing Partner, said, "GRIID's focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.". Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among Description. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Terms of Use. 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. transaction between Adit EdTech and GRIID. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public GRIID anticipates fiscal year 2023 revenue of $1.6 billion. If Ethereums shift to proof of stake were to occur, HIVEs GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies including those using the proof-of-work standard as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. investments that create positive change. The actual results or developments anticipated Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. 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. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar expressions. 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 GRIIDs existing management team, led by President and HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. Griid. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. The actual results or developments anticipated may not be realized or, even if What financial advisors need to know about crypto. 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. Additional Information and Where to Find It. 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. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. 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. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Adit EdTech's 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. Adit EdTech intends to file a proxy statement with the SEC. The company is projecting 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. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. Pursuant to Rule 425 under the Securities Act of 1933. 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 small Ohio-based GRIID is. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. 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 Frank Holmes, CEO and CIO of U.S. results or developments may differ materially from those projected in the forward-looking statements. expressions. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. 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. The company is projecting 2023 revenue of $1.6 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. News and analysis for the professional investor. 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. transaction, and identify and realize additional opportunities. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the 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. speak only as of the date of this communication. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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, 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. This communication 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 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. GRIIDs combination of a large Upon completion of the proposed transaction. financial advisor to Adit EdTech for capital markets and M&A advisory services. SEC). offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. As of December 13, 2022. Be a smarter, safer investor in eight weeks. How Ethereum's evolution impacts crypto markets. 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 There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to The latest moves in crypto markets, in context. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, This mechanism is known as proof-of-work mining, a system where a decentralized network of miners commit work using electricity to power computer hardware in exchange for receiving rewards in the form of cryptocurrency. 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. This communication may 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 The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). Adit EdTechs CFO, The deal values the combined. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. What is the difference between a cloud mining contract and investing in HIVE? 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 While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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. this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. 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 Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. 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 We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. 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 . 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. This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar 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. 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. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. Mining Companies With Fewer Than 50 Employees . GRIIDs 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., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Upon completion of the proposed transaction. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant 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. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. release and investor presentation. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. 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. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. 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. On Tuesday, the three-year-old. The largest inputs to mining are electricity costs and hardware. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Wed, March 8, 2023, 12:00 . new information, future events or otherwise. 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. 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. 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 Adit Ventures is 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.
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