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.
The parties have signed a definitive agreement under which Adit EdTech will acquire Griid Holdco — the recently created holding company and parent company of GRIID.
The combined firm GRIID Infrastructure Inc. is expected to trade on the exchange under the ticker GRDI.
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.
The existing management team led by President and CEO Trey Kelly will continue to run the business.
As a result of the merger, the mining company will receive $246 million in cash from the SPAC trust account.
The deal is expected to close in the first quarter of 2022.
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.
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.
In November, GRIID received a loan of $525 million from the exchange and wallet provider Blockchain.com.