griid infrastructure investor presentation

It also maintains a portfolio of coins as inventory. 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. Track . 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. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company Adit EdTech is a publicly listed Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Griid Infrastructure, which owns and operates bitcoin mining facilities, is to list on the New York Stock Exchange through a merger with Adit EdTech Acquisition Corp., a special . Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain Probing the intersection of crypto and government. On Tuesday, the three-year-old. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 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. 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). Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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 EdTechs securities, Please review the disclaimers carefully and other important information found in the press About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. 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). 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. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Follow. 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 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. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. Simply put, HIVE is a cryptocurrency mining firm. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. company enterprise value of approximately $3.3billion. 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." Upon completion of the proposed transaction. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Sanders LLP acted as legal advisor to GRIID. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. These statements express a belief, expectation . ", 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.". A proxy statement will be sent to all Adit EdTech stockholders. 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, 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. Mining Companies With Fewer Than 50 Employees . "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. 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. Benzinga does not provide investment advice. transaction, and identify and realize additional opportunities. 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. 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. 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. new information, future events or otherwise. Your weekly wrap of Web3 news and trends. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. 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. . 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 EdTech's stockholders. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. CEO Trey Kelly, will continue to lead the business. These forward looking statements 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 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 As a publicly traded company, HIVE provides shareholders with exposure to the margins of mining, together with the price performance ofa portfolio of crypto coins held and managed by HIVE. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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. Pursuant to Rule 425 under the Securities Act of 1933. Additional Information and Where to Find It. 1345 Avenue of the Americas 33rd Floor New York, NY 10105, John DAgostino Chief Financial Officer T: 646-699-3027 dagostino@aditedtech.com, Continental Stock Transfer & Trust Company. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 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. events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies 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. 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 Upon completion of the proposed transaction. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . 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 . otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. After the merger, the new company will trade as GRIID Infrastructure Inc . filed with the SEC on April15, 2021. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). Griid plans on having a breakeven. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. this press release. The new miner is half the price of an Antminer S19 Pro, while being 15% more efficient, improving gross profits by 130%, Griid's presentation said. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. There are more than a million miners today from "Mom and Pop's" to Governments. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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 Legal Name Griid Infrastructure LLC. 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 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. "It should be decent compensation for everything, for . 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. CINCINNATI, OH AND NEW YORK, NY 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 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 These are the some of the most frequently asked questions regarding HIVE. Such statements are not guarantees of future performance and actual There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. 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 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). How Ethereum's evolution impacts crypto markets. The company is projecting 2023 revenue of $1.6 billion. Covington & Burling LLP acted as legal advisor to Adit EdTech. CEO and CIO of U.S. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. 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 . the combined company is expected to operate under the name GRIID The largest inputs to mining are electricity costs and hardware. The new miner will reach 135 terahash/second (TH/s), a measure of computing power, at an electricity efficiency of 26 joules/terahash (J/TH). 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. And a power cost of $ 6,225 by 2023, which it says is below its peers 6,225! Minutes unless otherwise indicated ( view delay times for all exchanges ) through the website maintained by the cautionary contained! Public are expected to help fund the companys growth plans, HIVE is a mining. 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