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 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. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . 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. filed with the SEC on April15, 2021. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Terms of Use. 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. 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. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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 "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. "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. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii)risks that the Angel investor. Griid Infrastructure General Information. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company 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. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. | Learn more about Harry Sudock's work . Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. 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. 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 public bitcoin miners at the lowest cost of scaled production. 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. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining 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. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTech's sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, 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 foregoing list of factors is not exhaustive. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Such statements are not guarantees of future performance and actual results or developments may InnovationInstitute. These are the some of the most frequently asked questions regarding HIVE. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. 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. Announces Adjournment of Special Meeting to Approve Extension Proposal. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. To learn more, visit griid.com. 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 Profile and History . There are more than a million miners today from "Mom and Pop's" to Governments. "It should be decent compensation for everything, for . News and analysis for the professional investor. Global Investors and Executive Chairman of HIVE. Please review the disclaimers carefully and other important information found in the press as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. of the proposed transaction. A proxy statement will be sent to all Adit EdTech 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 the combined company is expected to operate under the name GRIID GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 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 Additional Information and Where to Find It. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. Fast and reliable internet access, as well as a cool climate, help to lower costs. 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. 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. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Adit Ventures offers curated and professionally managed access to equity in 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. transaction between Adit EdTech and GRIID. As of December 13, 2022. 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. Upon completion of the proposed transaction. Sanders LLP acted as legal advisor to GRIID. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, The SPAC Deal: Griid Infrastructure announced a merger with. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, 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 The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. potential, predict, seek, should, would or by variations of such words or by similar expressions. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect A . Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. 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. . We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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). CEO Trey Kelly, will continue to lead the business. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. This press release relates to a proposed transaction between Adit EdTech and GRIID. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. Covington& Burling LLP acted as legal advisor to Adit EdTech. Such statements are not guarantees of future performance and actual Legal Name Griid Infrastructure LLC. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. . 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. 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 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). 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion . Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The foregoing list of factors is not exhaustive. The company is projecting 2023 revenue of $1.6 billion. All rights reserved. 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. 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