speak only as of the date of this communication. Additional Information and Where to Find It. The deal values the combined. The transformation of value in the digital age. Such statements are not guarantees of future performance and actual 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. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. 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. 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. 2023 Benzinga.com. Leasing hash is finite and non-transferrable. 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 Adit EdTech's CFO, John D'Agostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Government's Department International Trade's Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company Griid. 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. 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 Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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, 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 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 Being a first mover to list on a major public exchange was a key part of HIVEs strategy. 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. Adit EdTech intends to file a proxy statement with the SEC. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. 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. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public An investor presentation and A proxy statement will be sent to all Adit EdTech stockholders. These forward looking statements speak only as of the date of this press release. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. Griid plans on having a breakeven. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. 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 projections, (xii)changes in 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 "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. SEC). financial advisor to Adit EdTech for capital markets and M&A advisory services. The biggest crypto news and ideas of the day. competitors, changes in laws and 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 Additional Information and Where to Find It. 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 communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). GRIIDs existing management team, led by President and 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. 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 actual results or developments anticipated may not be realized or, even if More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and Griid Profile and History . 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 Adit EdTech Acquisition Corp. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. The company is headquartered in Cincinnati, Ohio. To learn more, visit griid.com. the board of managers of GRIID Holdco. 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 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. 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. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. Follow. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. These forward looking statements Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. 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 prior to registration or qualification under the securities laws of such state or jurisdiction. These statements express a belief, expectation 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. Covington & Burling LLP acted as legal advisor to Adit EdTech. Terms of Use. On Tuesday, the three-year-old. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Mining equipment is anticipated to remain useful for multiple years. 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 ADEX shareholders will own 9% of the combined company. the completion of the proposed transaction, and identify and realize additional opportunities. The Company holds it digital currencies in cold storage solutions not connected to the internet. You need a reliable and cheap source of electricity for your hardware. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. other documents regarding the proposed transaction with the SEC. 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. The merger is expected to close in the first quarter of 2022. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. The merger is expected to close in the first quarter of 2022. the combined company is expected to operate under the name GRIID A . What financial advisors need to know about crypto. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Adit Ventures is an investment Many factors could cause actual future events to differ materially from the forward-looking 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 EdTech's securities, (ii) the risk that the transaction may not be completed by Adit EdTech's 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 conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and 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 could give rise to the termination of the merger agreement, (vi) the effect of the announcement or pendency of the transaction on GRIID's business relationships, operating results, and business generally and on Adit EdTech's stock 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 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 EdTech's securities on a national securities exchange, (x) the price of Adit EdTech's 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 competitors, changes in laws and regulations affecting Adit EdTech's or GRIID's business, and changes in the combined capital structure (xi) GRIID's inability to implement its business plan or meet or exceed its financial projections, (xii) changes in 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 transaction, and identify and realize additional opportunities. A proxy statement will be sent to all Adit EdTech stockholders. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Contact us. 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. With its unique All rights reserved. stockholders. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect Wed, March 8, 2023, 12:00 . What is HIVEs approach to selling versus hoarding coins. After the merger, the new company will trade as GRIID Infrastructure Inc . Adit Ventures offers curated and professionally managed access to equity in The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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. 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, 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. 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 instituted against GRIID or other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed 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. 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. new information, future events or otherwise. 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. 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. 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. 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