Bitcoin Mining Firm Griid To List On NYSE Via SPAC Deal With $3.3B Valuation
Griid Infrastructure and Adit EdTech Acquisition Corp. have plans to get listed on NYSE through a merger into one entity.
In a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, special purpose acquisition company, or SPAC, Adit EdTech Acquisition Corp, announced it would merge with Cincinnati-based Bitcoin (BTC) miner Griid at a $3.3 billion enterprise valuation.
SPACs are blank check companies created for the sole purpose of acquiring other firms. After the deal consummates, Griid will list on the New York Stock Exchange under the ticker symbol GRDI.
The deal is expected to be completed by the Q1 of 2022. Upon finalizing the transaction, the combined entity is expected to be listed on the New York Stock Exchange (NYSE).
The new entity plans to go live on the NYSE under the name “GRIID Infrastructure Inc.” with the ticker symbol “GRDI.” It will have a combined value of about $3.3 billion.
The transaction is expected to provide nearly $250 million in cash at closing from Adit EdTech’s trust account. Assuming no amendments, current Griid equity holders will own around 90%, Adit EdTech public stockholders will possess 8%, and Adit EdTech’s sponsor will own 2% of the shares. Griid’s Chief Executive Officer – Trey Kelly – will be the leader of the merged organization.
Griid Infrastructure is a bitcoin self-mining company that manages a significant number of energy facilities across the USA. It has also secured low-cost power pipelines with a focus on carbon-free generation partners. Kelly highlighted Griid’s green efforts and believes the collaboration with ADEX will further expand the capacity of Griid.
Trey Kelly, CEO of GRIID, commented:
“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.”
David Shrier, CEO of Adit EdTech, added:
“Carbon-free mining is the future of Bitcoin. GRIID’s 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.”
