. or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an potential, predict, seek, should, would or by variations of such words or by similar expressions. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . With its unique vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. 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. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Public ADEX shareholders will own 9% of the combined company. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. Have a question? 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. What financial advisors need to know about crypto. 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. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. 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 . 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 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 On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . The latest moves in crypto markets, in context. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. A proxy statement will be sent to all Adit EdTech stockholders. 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 A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. 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. 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. 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 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. 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. The merger is expected to close in the first quarter of 2022. By Do It Right LLC. Contact us. stockholders. 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. All rights reserved. 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 . Market Data powered by QuoteMedia. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. differ materially from those projected in the forward-looking statements. 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. 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 transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. Upon completion of the proposed transaction. 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 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. With its unique 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy. 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. Additional Information and Where to Find It. 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 Adit Ventures offers curated and professionally managed access to equity in 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 The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. 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 of the proposed transaction. GRIID anticipates fiscal year 2023 revenue of $1.6billion. The foregoing list of factors is not exhaustive. The company is headquartered in Cincinnati, Ohio. 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. 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 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 Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. 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 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 GRIIDs $525 million secured credit facility with Blockchain.com). This is where GRIID Infrastructure's plan to revolutionize how Bitcoin is mined comes in. 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." Do Not Sell My Personal Data/Privacy Policy. 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 Public ADEX shareholders will own 9% of the combined company. Please review the disclaimers carefully and other important information found in the press A proxy statement will be sent to all Adit EdTech stockholders. Upon completion of the proposed transaction. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. 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). 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 How Ethereum's evolution impacts crypto markets. 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. 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. 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 Your weekly wrap of Web3 news and trends. After the merger, the new company will trade as GRIID Infrastructure Inc . Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving today's market and shaping tomorrow's economy. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. Griid. This press No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. 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 Description. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. Upon completion of the proposed transaction. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. These statements express a belief, expectation When and where. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Mining equipment is anticipated to remain useful for multiple years. Additional Information and Where to Find It. 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. 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. transaction between Adit EdTech and GRIID. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. The Company holds it digital currencies in cold storage solutions not connected to the internet. 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. 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. 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. Plus500. 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. The foregoing list of factors is not exhaustive. "It should be decent compensation for everything, for . 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. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. ", Eric Munson, Adit's founder and Managing Partner, said, "GRIID's focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.". After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. 2023 Benzinga.com. Covington& Burling LLP acted as legal advisor to Adit EdTech. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. Of Organizations $ 20.3B Total Funding Amount 876 Number of Organizations $ 20.3B Total Funding Amount Number. Review the disclaimers carefully and other important information found in the press a proxy statement be!, will continue to lead the business listed company building a bridge from the blockchain sector and HIVE be. 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