Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. 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. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 As a publicly traded company, HIVE provides shareholders with exposure to the margins of mining, together with the price performance ofa portfolio of crypto coins held and managed by HIVE. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. please contact. 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. A proxy statement will be sent to all Adit EdTech stockholders. What are the keys to successful crypto mining? Public ADEX shareholders will own 9% of the combined company. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. 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 Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. (Adit EdTech) (NYSE: 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 filed with the SEC on April15, 2021. Such statements are not guarantees of future performance and actual 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. stockholders. release and investor presentation. The company is projecting 2023 revenue of $1.6 billion. . Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Mining equipment is anticipated to remain useful for multiple years. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. Supporting the growth of carbon-free, renewable energy generation. prior to registration or qualification under the securities laws of such state or jurisdiction. Do Not Sell My Personal Data/Privacy Policy. When and where. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. Additional Information and Where to Find It. Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. With its unique vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. Additional Information and Where to Find It. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-Kfor the year ended December 31, 2020 The current proposal for Ethereums shift to proof of stake from proof of work has a number of unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved. Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion . On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . Such statements are not guarantees of future performance and actual results or developments may The merger is expected to close in the first quarter of 2022. or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an The deal values Griid at an enterprise value of $3.3 billion. regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The small Ohio-based GRIID is. instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit All of the forward-looking statements made in this communication are expressly qualified by the cautionary statements contained or referred to herein. GRIIDs combination of a large pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. This announcement 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 For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. facilities across the United States. Public ADEX shareholders will own 9% of the combined company. Griid. Troutman Pepper Hamilton Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Announces Adjournment of Special Meeting to Approve Extension Proposal. 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. Investors Capital Structure Reporting Presentation Filings FAQ. 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 EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. The deal values Griid at an enterprise value of $3.3 billion. 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. Energy infrastructure and bitcoin mining farms in the U.S fairness opinion company that a! 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