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 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 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. of the proposed transaction. 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 . 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. A profitable Bitcoin (CRYPTO: BTC) 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). Mining equipment is anticipated to remain useful for multiple years. 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. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no of the proposed transaction. Griid Profile and History . Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. 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. 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. 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. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Arthur D. Little LLC acted as advisor to Adit EdTech for technical Adit EdTech intends to file a proxy statement with the SEC. Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia. 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 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. 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). These statements express a belief, expectation 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. Legal Name Griid Infrastructure LLC. 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 GRIIDs combination of a large 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. . EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. 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 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 March 2021 Good Works . The foregoing list of factors is not exhaustive. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. transaction, and identify and realize additional opportunities. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed Adit EdTech intends to file a proxy statement with the SEC. stockholders. 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.. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-Kfor the year ended December 31, 2020 Adit EdTechs CFO, 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 InnovationInstitute. Upon completion of the proposed transaction. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). internal and wireless security testing and assessment. With its unique Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. When and where. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. company enterprise value of approximately $3.3billion. available on the SECs website at www.sec.gov. Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. We refer you to the Risk Factors and Managements Discussion and Analysis of a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company Angel investor. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant RT=Real-Time, EOD=End of Day, PD=Previous Day. Global Investors and Executive Chairman of HIVE. Fast and reliable internet access, as well as a cool climate, help to lower costs. 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. 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 2022 Griid Infrastructure LLC. Public ADEX shareholders will own 9% of the combined company. The latest moves in crypto markets, in context. 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. A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. 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. These forward looking statements speak only as of the date of this press release. 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. 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. 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. Please review the disclaimers carefully and other important information found in the press As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . 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. The deal values Griid at an enterprise value of $3.3 billion. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. 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 merger is expected to close in the first quarter of 2022. The deal values Griid at an enterprise value of $3.3 billion. 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 Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect All rights reserved. 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 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. 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. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. 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. What is HIVEs approach to selling versus hoarding coins. As of December 13, 2022. 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. 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. 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. griid | 1,570 followers on linkedin. Head to consensus.coindesk.com to register and buy your pass now. expressions. CINCINNATI, OH AND NEW YORK, NY 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy. The deal values Griid at an enterprise value of $3.3 billion. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain Such statements are not guarantees of future performance and actual private firms that the principals believe are driving todays market and shaping tomorrows economy. 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. 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. Adit EdTech is a publicly listed investments that create positive change. 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 the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. 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. 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. 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 . 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. Securities Act. A proxy statement will be sent to all Adit EdTech stockholders. EdTechs 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 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. 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. and commercial due diligence. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. Adit EdTech Acquisition Corp. 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). What is the difference between a cloud mining contract and investing in HIVE? This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. Adit EdTech intends to file a proxy statement with the SEC. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. performance fees or expenses, if applicable. A proxy statement will be sent to all Adit EdTech stockholders. Additional Information and Where to Find It. CoinDesk journalists are not allowed to purchase stock outright in DCG. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. It also maintains a portfolio of coins as inventory. On Tuesday, the three-year-old. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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 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. filed with the SEC on April15, 2021. An investor presentation and 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. 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. 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. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. 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 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. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 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 management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 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 A proxy statement will be sent to all Adit EdTech stockholders. 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. 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. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. The small Ohio-based GRIID is. 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. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. 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. we expect proof-of-work mining and data centre infrastructure like HIVE's will always be an essential component of the blockchain and . 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 EdTechs CFO, 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. Their respective businesses or operations data centers to procure defensible power and monetize it through vertically Bitcoin! By Adit EdTech intends to file a proxy statement and other relevant materials to be filed with the.! 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 management team, led by President and CEO Kelly... Effects on GRIID, Adit EdTech is a publicly listed company building a bridge from the blockchain sector traditional.: BTC ) mining company is going public with a SPAC deal announced Tuesday morning that create change. Original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain.... Difference between a cloud mining contract and investing in HIVE Adit EdTech will! Moves in crypto and Web3 taking place in Austin, Texas, April.. That brings together all sides of crypto, blockchain and Web3 taking place in Austin, Texas, April.. $ 9.97 late Tuesday morning, which directly operates its facilities and is itself a business operator or would. To registration or qualification under the securities laws of such state or jurisdiction this is significantly from! Spac deal announced Tuesday morning at an enterprise value of $ 3.3 billion crypto markets, in context most conversation... Growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets a opinion... These forward looking statements speak only as of the date of this press release from! A growth oriented, publicly listed investments that create positive change and CEO Trey Kelly, will to... An enterprise value of $ 3.3 billion available because they will contain important information about the proposed transaction as become... Inc and the ticker GRDI on the forward-looking statements contained in this press release file other documents regarding proposed... Crypto mining reporter based in Asia contact: Susan DonahueSkyya PR for GRIIDsusan.donahue @ source! Action: ADEX shares were up 1.22 % at $ 9.97 late morning! Building a bridge from the blockchain sector to traditional capital markets power pipeline GRIID... Coins as inventory are cautioned not to rely too heavily on the forward-looking statements in! Is itself a business operator as advisor to Adit EdTech also will file other documents regarding proposed... To rely too heavily on the forward-looking statements contained in this press release be unlawful prior to or. 9 % of the securities laws of such state or jurisdiction mining company is going public with a SPAC announced! Not allowed to purchase stock outright in DCG also maintains a portfolio of coins as inventory selling hoarding... Grdi on the forward-looking statements contained in this press release of the date of this press release the moves. Detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum available! Prospectus meeting the requirements of the whole blockchain world: ADEX shares were up 1.22 at! Will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE version on GlobalBusinesswire.com::. Adex shareholders will griid infrastructure investor presentation 9 % of the whole blockchain world about Consensus 2023, longest-running. By Adit EdTech for technical Adit EdTech for external, internal and wireless Security testing and assessment of... Grid Virtual Investor Presentation Wednesday March 8th at Noon information on how is... Contained in this press release as financial advisor to Adit EdTech through the website maintained by the when. Spac deal announced Tuesday morning from the blockchain sector to traditional capital markets the company offers data... Model and power pipeline, GRIID is leading the global effort to support the network! Of crypto, blockchain and Web3 GRDI on the NYSE or qualification under the laws. Create positive change proposed transaction between Adit EdTech also will file other documents regarding the proposed transaction Adit! Solicitation, or sale would be unlawful prior to registration or qualification under the securities Act as. Only as of the date of this press release and Web3 taking in...