A blank check company that’s looking to take a Cincinnati startup public will withdraw from the NYSE American – the latest hurdle in a deal first announced in November 2021 and once valued at $3.3 billion.
New York City-based Adit EdTech Acquisition Corp. (NYSE: ADEX) said this week it plans to voluntarily delist its common stock, citing indications from the market that the company's securities wouldn't be approved for listing after its combination with bitcoin miner Griid Infrastructure.
It appears Adit will still move forward with the acquisition. The firm said it still plans to list on exchanges in the United States and Canada after completing the business combination. It’s unclear what those exchanges would be. In Canada, at least, the Toronto Stock Exchange (TSX) and the TSX Venture Exchange are prominent.
It’s also unclear how the delisting move will impact the acquisition’s overall timing.
A Griid spokeswoman did not respond to requests for comment. A message sent to Adit was also not returned by time of publication.
Griid Chief Strategy officer Harry Sudock told me earlier this month he expected the deal to close before the end of the year. Sudock said Griid faced “reasonable and additional scrutiny” from the U.S. Securities and Exchange Commission given some “very highly publicized blowups” in the bitcoin industry – but the company was ready to come out the other side.
It’s anticipated the delisting move will become effective on or about Jan. 15.
Adit EdTech said it plans to continue filing the same types of periodic reports and other information it currently files with the U.S. Securities and Exchange Commission.
The deal originally had a consummation date of May 29, 2022. That deadline came and went with no news. Later, and in the months that followed, Adit EdTech shareholders approved a series of multiple extensions.
Griid’s new valuation stands at $585 million, Sudock said. The company said it would not disclose its revenue prior to the closing.
