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. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. Date and time. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. A proxy statement will be sent to all Adit EdTech stockholders. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Please review the disclaimers carefully and other important information found in the press Adit EdTech also will file other documents regarding the proposed transaction with the SEC. this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. Head to consensus.coindesk.com to register and buy your pass now. 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. the board of managers of GRIID Holdco. The foregoing list of factors is not exhaustive. of the proposed transaction. 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 other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed 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 . 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 You need a reliable and cheap source of electricity for your hardware. Such statements are not guarantees of future performance and actual results or developments may 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. 2023 Benzinga.com. 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. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. 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. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). 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. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. We chose the TSX-Venture Exchange in particular because it is a flexible capital formation platform, and at the same time, is one of the most accessible stock exchanges globally. Pursuant to Rule 425 under the Securities Act of 1933. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. 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. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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 Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. of the proposed transaction. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. What are the keys to successful crypto mining? 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". The merger is expected to close in the first quarter of 2022. 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. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. There are more than a million miners today from "Mom and Pop's" to Governments. 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. 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 EdTechs securities on a national securities exchange, (x)the price of Adit Adit EdTech also will file other documents regarding the proposed transaction with the SEC. investments that create positive change. Benzinga does not provide investment advice. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar Adit EdTech intends to file a proxy statement with the SEC. News and analysis for the professional investor. 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. 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 The following communication was posted by David Shrier on LinkedIn: I am pleased to other documents regarding the proposed transaction with the SEC. and commercial due diligence. 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 "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. 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 events or otherwise. 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. Get a technical analysis of First Trust Nasdaq Clean Edge Smart Grid Infrastructure UCITS ETF Accum A USD (DE:GRID) with the latest MACD of 0.24 and RSI of 50.81. . A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. 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). 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 Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. All statements other than statements of historical fact are forward-looking statements for purposes of federal and Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing Griid plans on having a breakeven. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future 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. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. This press GRIID anticipates fiscal year 2023 revenue of $1.6 billion. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. All rights reserved. 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. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. GRIID anticipates fiscal year 2023 revenue of $1.6billion. results or developments may differ materially from those projected in the forward-looking statements. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Griid Profile and History . 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. 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. 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. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Leasing hash is finite and non-transferrable. By Do It Right LLC. stockholders. 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. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among The company is projecting 2023 revenue of $1.6 billion. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. Griid. 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. 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 Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for [email protected]. 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. 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 Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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. . Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. 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. 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. 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 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. Upon completion of the proposed transaction. 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 A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. 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 company is headquartered in Cincinnati, Ohio. release and investor presentation. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, 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. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. differ materially from those projected in the forward-looking statements. The new miner will reach 135 terahash/second (TH/s), a measure of computing power, at an electricity efficiency of 26 joules/terahash (J/TH). 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 . 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. transaction between Adit EdTech and GRIID. The company is projecting 2023 revenue of $1.6 billion. 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. A . CINCINNATI, OH AND NEW YORK, NY available on the SECs website at www.sec.gov. Benzinga does not provide investment advice. 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. These forward looking statements HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. 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 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. 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