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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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. Fast and reliable internet access, as well as a cool climate, help to lower costs. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. These forward looking statements speak only as of the date of this press release. Additional Information and Where to Find It. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. Leasing hash is finite and non-transferrable. 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.. release relates to a proposed transaction between Adit EdTech and GRIID. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to 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. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, release and investor presentation. 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. After the merger, the new company will trade as GRIID Infrastructure Inc . Download a PDF copy of our corporate presentation. D'AgostinoChief Financial Officerdagostino@aditedtech.com. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, 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 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. 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." 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). potential, predict, seek, should, would or by variations of such words or by similar expressions. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. 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 The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. Simply put, HIVE is a cryptocurrency mining firm. A proxy statement will be sent to all Adit EdTech 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. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . 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 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 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 company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. filed with the SEC on April15, 2021. The deal values Griid at an enterprise value of $3.3 billion. What is HIVEs approach to selling versus hoarding coins. SEC). TSX.V: HIVE . Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company The proxy statement/prospectus will be sent to all Adit EdTech stockholders. 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. 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 following communication was posted by David Shrier on LinkedIn: I am pleased to 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. 2023 Benzinga.com. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. The transformation of value in the digital age. Based in Cincinnati, Ohio, GRIID is a profitable, 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. 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. events or otherwise. We currently mine Ethereum, Ethereum Classic and 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 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. 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 The biggest crypto news and ideas of the day. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Angel investor. internal and wireless security testing and assessment. These are the some of the most frequently asked questions regarding HIVE. The foregoing list of factors is not exhaustive. 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 EdTechs securities, About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no 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 TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. the board of managers of GRIID Holdco. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. 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. . 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. 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. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. The company is projecting 2023 revenue of $1.6 billion. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Have a question? GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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 Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Securities Act. 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 We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Adit EdTechs 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 SECs website at www.sec.gov. The deal values Griid at an enterprise value of $3.3 billion. Adit Ventures offers curated and professionally managed access to equity in Mining Companies With Fewer Than 50 Employees . 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. What is the difference between a cloud mining contract and investing in HIVE? CEO Trey Kelly, will continue to lead the business. 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. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. 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. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. 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. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. 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 Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. Such statements are not guarantees of future performance and actual results or developments may We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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 results or developments may differ materially from those projected in the forward-looking statements. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. There are more than a million miners today from "Mom and Pop's" to Governments. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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 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. 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. 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 capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. The merger is expected to close in the first quarter of 2022. 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. 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. 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. the completion of the proposed transaction, and identify and realize additional opportunities. Plus500. 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. 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. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. include forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public To learn more, visit griid.com. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. 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. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. Proof-of-stake is an alternative method of fulfilling the same function as proof-of-work mining the validation of cryptocurrency transactions by having parties deposit, or stake, amounts of cryptocurrency into a smart contract. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The actual results or developments anticipated may not be realized or, even if be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Legal Name Griid Infrastructure LLC. 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. speak only as of the date of this communication. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, 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, Upon completion of the proposed transaction. Griid Profile and History . 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). 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. 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. Upon completion of the proposed transaction. 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. Values GRIID at an enterprise value of $ 1.6 billion says is below its peers anticipates fiscal year revenue... By the cautionary statements contained or referred to herein hash rate drops, keeping costs. Close in the first quarter of 2022 relatively new public company that uses high computing! 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