Under the deal terms, the Adit Ventures-sponsored blank-check company will acquire Griid Holdco, a newly established holding company and Griid Infrastructure parent. The combined company is expected to operate as GRIID Infrastructure Inc., with its shares to be listed on the New York Stock Exchange under the GRDI ticker.
"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 Infrastructure Chief Executive Trey Kelly said.
Griid Infrastructure has more than 1,300 megawatts of power under agreement, memorandum of understanding, or letter of intent, of which 734 megawatts is expected to be operational by 2023. The company said it expects $1.6 billion in revenue for fiscal 2023.
The proposed combinatation includes an estimated $125 million of debt outstanding as of closing and is expected to generate $246 million in net cash proceeds.
Existing Griid Infrastructure equity holders are expected to own about 90% of the merged entity's voting stock, assuming no redemptions, while Adit EdTech public stockholders will own 8% and its sponsor will account for the rest. Griid Infrastructure's current management will remain in place.
The respective boards of both companies have approve the proposed merger, which is expected to close in the first quarter of 2022, subject to Adit EdTech stockholder approval and other conditions.
Price: 9.95, Change: +0.10, Percent Change: +1.02
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