Griid Infrastructure to List on NYSE

Griid Infrastructure, LLC, a Cincinnati, Ohio-based vertically integrated bitcoin self-mining company, is to list on NYSE via a merger with Adit EdTech Acquisition Corp.

Adit EdTech Acquisition Corp. (NYSE: ADEX, ADEX.U, and ADEX.WS) is a special purpose acquisition company sponsored by an affiliate of Adit Ventures, will acquire Griid Holdco LLC, a newly formed holding company and parent of Griid. Upon completion of the proposed transaction. 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”.

The deal represents a pro forma combined company enterprise value of approximately $3.3 billion. A sum of $246m of anticipated net transaction proceeds, assuming no redemptions, and an existing $525m credit facility will be used to fund Griid’s growth and accelerate scale.

Led by Trey Kelly, CEO, Griid is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. The company 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. Griid Infrastructure has 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 company anticipates fiscal year 2023 revenue of $1.6 billion.

FinSMEs

02/12/2021