American mining company Griid will enter the New York Stock Exchange (NYSE) through a merger with a special purpose acquisition company (SPAC) Adit EdTech Acquisition Corp. The value of the combined firm was estimated at $3.3 billion, according to a press release.
Thus, the parties have concluded a final agreement. In which Adit EdTech will acquire Griid Holdco LLC, the newly created holding and parent company of Griid.
It is expected that the combined firm Griid Infrastructure Inc. will be listed on the stock exchange under the ticker GRDI.
The strategy of buying carbon-free energy
Moreover, Adit Ventures will finance the deal. Which will receive a 2% stake in the new company. Furthermore, the shareholders of GRIID and Adit EdTech will own 90% and 8% respectively. Headed by founder and Chief Executive Officer, Trey Kelly, the existing Griid management team will continue to lead the business.
As a result of the takeover, the mining company will receive cash in the amount of $246 million from the SPAC trust account. Expectedly, the closing of the deal will take place in the first quarter of 2022. According to a press release, Cincinnati (Ohio)-based GRIID has agreements for more than 1,300 megawatts (MW) of electricity. Of which 734 MW will be put into operation by 2023.
The company adheres to the strategy of buying carbon-free energy. While the average cost of Bitcoin mining is less than $6,225 per coin.
A loan of $525M from Blockchain.com
Recall that previously in November, GRIID received a loan of $525 million; from the exchange and provider of digital wallets Blockchain.com.
The term of the agreement was four years. Currently, Griid has an unused capacity of 1300 MW.