{"id":53857,"date":"2021-12-01T10:22:27","date_gmt":"2021-12-01T08:22:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53857"},"modified":"2025-09-03T17:19:58","modified_gmt":"2025-09-03T14:19:58","slug":"mining-company-griid-to-go-public-via-spac-merger","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mining-company-griid-to-go-public-via-spac-merger\/","title":{"rendered":"Mining company GRIID to go public via SPAC merger"},"content":{"rendered":"<p>The American mining company GRIID will go public on the New York Stock Exchange via a merger with <span data-descr=\"special-purpose acquisition company, a specialized company for targeted mergers and acquisitions\" class=\"old_tooltip\">SPAC<\/span> Adit EdTech Acquisition Corp. The value of the combined firm was estimated at $3.3 billion, according to the <a href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/11\/30\/2342749\/0\/en\/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Aquisition-Corp.html\">press release<\/a>.<\/p>\n<p>The parties have signed a definitive agreement under which Adit EdTech will acquire Griid Holdco \u2014 the recently created holding company and parent company of GRIID.<\/p>\n<p>The combined firm GRIID Infrastructure Inc. is expected to trade on the exchange under the ticker GRDI.<\/p>\n<p>The deal will be financed by Adit Ventures, which will receive a 2% stake in the new company. Shareholders of GRIID and Adit EdTech will own 90% and 8%, respectively.<\/p>\n<p>The existing management team led by President and CEO Trey Kelly will continue to run the business.<\/p>\n<p>As a result of the merger, the mining company will receive $246 million in cash from the SPAC trust account.<\/p>\n<p>The deal is expected to close in the first quarter of 2022.<\/p>\n<p>According to the press release, Cincinnati-based (Ohio) GRIID has deals for more than 1,300 MW of electricity, of which 734 MW will be commissioned by 2023.<\/p>\n<p>The company adheres to a strategy of acquiring carbon-free energy, with the average cost of mining a bitcoin at under $6,225 per coin.<\/p>\n<p>In November, GRIID <a href=\"https:\/\/u1f987.com\/en\/news\/griid-mining-company-secures-525-million-credit-facility-from-blockchain-com\">received a loan of $525 million<\/a> from the exchange and wallet provider Blockchain.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American mining company GRIID will go public on the New York Stock Exchange via a merger with SPAC Adit EdTech Acquisition Corp. The value of the combined firm was estimated at $3.3 billion, according to the press release.<\/p>\n","protected":false},"author":1,"featured_media":53858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1235,26],"class_list":["post-53857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-mergers-and-acquisitions","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53857"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53857\/revisions"}],"predecessor-version":[{"id":53859,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53857\/revisions\/53859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53858"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}