A special purpose acquisition company that agreed to take a Cincinnati startup public in deal valued at $3.3 billion has formally extended its deadline to finalize the agreement.
Adit EdTech, a special purpose acquisition company, or SPAC, and Griid Infrastructure, a Cincinnati-based bitcoin self-mining startup, said in a U.S. Securities and Exchange Commission filing Friday they have agreed to waive their rights to terminate their planned merger, a $3.3 billion deal first announced in November.
The agreement pushes the new deadline to Oct. 1. It comes three months after the original deadline to consummate the deal – May 29 – came and went, with no word from either company. Several SPAC deals nationwide have similarly faced delays.
Griid, founded by CEO Trey Kelly, a Cincinnati resident and 2010 Miami University alum, procures cheap, carbon-free energy to manage, build and operate U.S.-based bitcoin mining facilities.
In a release last year, David Shrier, CEO of Adit EdTech, called Griid’s carbon-free approach “the future of bitcoin.” Adit EdTech, a blank check company whose sole purpose is to serve as a vehicle for taking startups public, is an affiliate of Adit Ventures, a New York City late-stage venture capital firm.
At the time the deal was announced, Griid had more than 1,300 megawatts of available power from existing energy generation partners. The company said it has one of the largest and lowest-cost power pipelines in the industry.
“Griid’s combination of a large pipeline of low-cost, carbon-free power...and market-leading execution position them to generate attractive profitability and growth,” Shrier said.
When closed, Griid is expected to trade on the New York Stock Exchange under the ticker "GRDI."
Several SPAC deals have faced similar delays, given increased regulatory scrutiny as well as broader economic uncertainty.
Another local company, Blue Ash-based Luminex Home Décor & Fragrance, said its deal with Marietta, Ga.-based SPAC Global Consumer Acquisition Corp. is still on track, even though the deadline has been extended multiple times.
Global Consumer (Nasdaq: GACQ) is awaiting SEC approval of its proxy statement that sets a shareholder meeting to approve the deal. Global Consumer said in December it would pay $160 million for Luminex as part of a $507 million, two-company deal.
