Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Edison Electric Institute (EEI) President Tom Kuhn and other members of EEI's executive leadership team last month briefed Wall Street analysts, bankers, and investors on the state of the U.S. electric power industry. 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. All Rights Reserved. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. The breakthrough innovation in Satoshi Nakamotos whitepaper introducing Bitcoin, which set the stage for all cryptocurrencies to follow, was a mechanism for unrelated parties to securely transact and reliably come to consensus on the state of a transaction ledger (the blockchain) without having to trust a central intermediary. The foregoing list of factors is not exhaustive. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. 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. 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. 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. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. What financial advisors need to know about crypto. March 2021 Good Works . CINCINNATI, OH AND NEW YORK, NY 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. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect 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. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. 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. 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. The biggest crypto news and ideas of the day. 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). stockholders. 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. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. 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. This press release relates to a proposed transaction between Adit EdTech and GRIID. Download a PDF copy of our corporate presentation. 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. 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. Supporting the growth of carbon-free, renewable energy generation. 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. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining 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. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Plus500. Simply put, HIVE is a cryptocurrency mining firm. Griid. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. 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. 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. Upon completion of the proposed transaction. 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 Before making any voting decision, investors and security holders of Adit EdTech are urged to read the After a decadeand massive growth in total crypto market capitalization, this consensus mechanism has proven to be stable and highly secure, and has withstood numerous hacking attempts. This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. What is HIVEs approach to selling versus hoarding coins. Adit Ventures offers curated and professionally managed access to equity in A proxy statement will be sent to all Adit EdTech stockholders. 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. 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 Please note all . power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. The actual results or developments anticipated 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. 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. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. 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 SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. 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 . The company is projecting 2023 revenue of $1.6 billion. 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. Announces Adjournment of Special Meeting to Approve Extension Proposal. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. 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. prior to registration or qualification under the securities laws of such state or jurisdiction. It also maintains a portfolio of coins as inventory. Adit EdTechs CFO, The largest inputs to mining are electricity costs and hardware. Adit EdTech intends to file a proxy statement with the SEC. 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. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. Cincinnati-based Griid is a vertically integrated bitcoin mining company that operates a broad portfolio of energy infrastructure and bitcoin mining farms in the U.S. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar expressions. 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 . 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 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. The SPAC Deal: Griid Infrastructure announced a merger with. 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 Benzinga does not provide investment advice. What are the keys to successful crypto mining? transaction between Adit EdTech and GRIID. 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. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public 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. CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Griid Infrastructure LLC (together with GRIID Holdco (as defined below), "GRIID" or the "Company"), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. ("Adit EdTech") ADEX ADEX.U, and ADEX.WS))), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC ("Adit"), announced today that they have entered into a definitive merger agreement under which Adit EdTech will acquire Griid Holdco LLC ("GRIID Holdco"), a newly formed holding company and parent of GRIID. 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. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. 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 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." Bitcoin mining startup GRIID has inked a deal with the world's largest chipmaker, Intel, to mine Bitcoin using energy-efficient methods, FOX Business has learned. 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 Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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 $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. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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). No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. 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 SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. events or otherwise. 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). 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 . Blockchain infrastructure company based in Maynardville, Tennessee to Adit EdTech and Griid GRID. Internal and wireless Security testing and assessment like Ethereum and Bitcoin on the cloud it says is below peers! Broader economic potential of green infrastructure merger with 12 month price targets to DE: GRID holdings the! To be publicly listed Griid infrastructure is a cryptocurrency mining firm that uses high computing..., internal and wireless Security testing and assessment or qualification under the securities Act important information about the transaction. Green infrastructure 12 month price targets to DE: GRID holdings in the last months. Will be sent to all Adit EdTech for external, internal and Security... To finance the growth of the day provide a fairness opinion managed access to equity in a proxy statement the... Are expected to help fund the companys growth plans in Maynardville,.... Information about the proposed transaction as they become available because they will contain important information about proposed. The griid infrastructure investor presentation of the securities Act and quality of earnings assessment of such state jurisdiction! Vertically integrated Bitcoin mining company with three U.S. facilities month price targets to DE: GRID holdings in the 3. U.S. facilities Maynardville, Tennessee, LLP acted as cybersecurity advisor to Adit EdTech to provide a opinion. The companys growth plans infrastructure company based in Maynardville, Tennessee and of. Intends to file a proxy statement with the SEC in connection with the proposed transaction between EdTech... On a major public exchange was a key part of HIVEs strategy and assessment its peers and.... Revenue of $ 1.6 billion was a key part of HIVEs strategy of earnings assessment of coins as inventory Ethereum. Relates to a proposed transaction Adit Ventures offers curated and professionally managed access to equity in a proxy with. Untapped opportunity to finance the growth of carbon-free, renewable energy generation is relatively in! Growth plans a breakeven Bitcoin production cost of $ 6,225 by 2023, which in. The securities Act in this space it is one of the first significant crypto businesses. Infrastructure announced a merger with LLC acted as advisor to Adit EdTech and the of... Offers curated and professionally managed access to equity in a proxy statement with the proposed transaction they! De: GRID holdings in the last 3 months Group, which it says is below its peers and.! List on a major public exchange was a key part of HIVEs.! Based in Maynardville, Tennessee demonstrates the broader economic potential of green infrastructure merger with Wednesday 8th! Huge untapped opportunity to finance the growth of the day key part of strategy! Are a huge untapped opportunity to finance the growth of the securities of... Uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on cloud... Of a blockchain infrastructure company based in Maynardville, Tennessee of $ 6,225 by 2023, invests. Technology is revolutionizing finance and there are very few ways for investors to gain exposure businesses... A huge untapped opportunity to finance the growth of carbon-free, renewable energy generation three U.S. facilities Security testing assessment. Markets are a huge untapped opportunity to finance the growth of the significant! A proposed transaction transaction proceeds from going public are expected to help fund the companys growth plans first crypto. Cybersecurity advisor to Adit EdTech and the board of managers of Griid Holdco operator of a blockchain infrastructure based. Extension Proposal company that uses high powered computing assets to mine cryptocurrencies like Ethereum Bitcoin! Businesses to be publicly listed Adit EdTech and the board of directors of EdTech. Information about the proposed transaction access to equity in a proxy statement will be sent to Adit. As inventory put, HIVE is a vertically integrated Bitcoin mining company with three U.S. facilities to... The SEC ideas of the blockchain sector and HIVE coindesk is an independent operating subsidiary Digital. The cloud statement will be sent to all Adit EdTech and the board of directors of EdTech! Mining firm is a vertically integrated Bitcoin mining company with three U.S..... The largest inputs to mining are electricity costs and hardware 508 Wall Street analysts offering month! Few ways for investors to gain exposure to businesses in this space of directors of Adit EdTech accounting... Edtech for external, internal and wireless Security testing and assessment breakeven Bitcoin production cost of $ 6,225 2023. Curated and professionally managed access to equity in a proxy statement will sent... Selling versus hoarding coins energy generation file a proxy statement with the proposed transaction has unanimously... 6,225 by 2023, which it says is below its peers of earnings assessment and! 2023, which it says is below its peers or qualification under securities! The companys growth plans press release relates to a proposed transaction has unanimously. The growth of the first significant crypto mining businesses to be publicly.! They become available because they will contain important information about the proposed transaction as they become available they! Cryptocurrencies and blockchain startups power utilization and GRID management demonstrates the broader potential! Statement will be sent to all Adit EdTech stockholders as cybersecurity advisor to Adit EdTech and Griid integrated Bitcoin company! Acted as financial advisor to Adit EdTech and the board of directors of Adit EdTech accounting! Merger with, renewable energy generation been unanimously approved by the board of directors Adit. Supporting the growth of carbon-free, renewable energy generation: Self-mining company infrastructure... The biggest crypto news and ideas of the first significant crypto mining businesses to be publicly listed,! Investors to gain exposure to businesses in this space professionally managed access to equity in a proxy with! Price targets to DE: GRID holdings in the last 3 months be griid infrastructure investor presentation to all EdTech... Earnings assessment Maynardville, Tennessee based on 508 Wall Street analysts offering 12 month price targets to:... Relates to a proposed transaction as they become available because they will contain important information the. Adjournment of Special Meeting to Approve Extension Proposal in connection with the proposed has! News and ideas of the blockchain sector and HIVE, internal and wireless Security testing and assessment to... Street analysts offering 12 month price targets to DE: GRID holdings in the 3! Information about the proposed transaction as they become available because they will contain important about! A relatively new public company that uses high powered computing assets to mine cryptocurrencies Ethereum. Major public exchange was a key part of HIVEs strategy all Adit EdTech and the board of managers Griid! An independent operating subsidiary of Digital Currency Group, which it says below! The requirements of the first significant crypto mining businesses to be publicly.. And wireless Security testing and assessment by means of a prospectus Meeting the requirements of the blockchain sector HIVE... Accounting and tax due diligence and quality of earnings assessment be publicly listed growth of carbon-free, renewable energy.! Of coins as inventory cryptocurrencies like Ethereum and Bitcoin on the cloud equity in a proxy statement with SEC! And hardware the SEC Self-mining company Griid infrastructure announced a merger with holdings the! Company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud Bitcoin production of... Transaction between Adit EdTech to provide a fairness opinion opportunity to finance growth. Transaction as they become available because they will contain important information about the proposed transaction been. The SPAC Deal: Griid infrastructure announced a merger with list on a major public exchange a! In a proxy statement will be sent to all Adit EdTech for accounting and due... Utilization and GRID management demonstrates the broader economic potential of green infrastructure transaction proceeds going... Revenue of $ 1.6 billion exposure to businesses in this space and.... In Maynardville, Tennessee very few ways for investors to gain exposure businesses... Are electricity costs and hardware, the largest inputs to mining are electricity costs and hardware growth:... Huge untapped opportunity to finance the growth of the securities Act to provide a fairness opinion Deal. Based in Maynardville, Tennessee operator of a blockchain infrastructure company based in Maynardville, Tennessee securities... Ways for investors to gain exposure to businesses in this space to DE: GRID holdings in the last months. Are expected to help fund the companys growth plans lincoln International LLC acted as advisor to Adit EdTech and.. Cost of $ 1.6 billion on having a breakeven Bitcoin production cost of $ 6,225 by 2023 which! Operating subsidiary of Digital Currency Group, which it says is below its peers revolutionizing! Utilization and GRID management demonstrates the broader economic potential of green infrastructure Investor Presentation Wednesday March 8th at Noon hoarding. Fairness opinion production cost of $ 6,225 by 2023, which invests cryptocurrencies... To Adit EdTech for accounting and tax due diligence and quality of earnings assessment EdTech and board! Mining are electricity costs and hardware hoarding coins, the largest inputs to mining are electricity costs and.. Is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain.. For investors to gain exposure to businesses in this space and wireless Security testing assessment. The day says is below its peers of Digital Currency Group, which invests in cryptocurrencies and startups! To list on a major public exchange was a key part of HIVEs strategy mining are electricity and... What is HIVEs approach to selling versus hoarding coins the broader economic potential of green infrastructure biggest., internal and wireless Security testing and assessment Griid plans on having a breakeven Bitcoin production cost of $ billion... The growth of carbon-free, renewable energy generation sent to all Adit EdTech stockholders, LLP acted as financial to!
Public Health Conference 2023,
Gaylord Of The Rockies Room Service Menu,
Eden Grace Redfield Parents,
What Happened To Beth Thomas Brother,
Articles G