Pop the champagne once more. Cincinnati is expected to welcome its newest public company today just two days into the new year.
Norwood-based bitcoin mining startup Griid Infrastructure – which made headlines in recent months with its roller-coaster ride to the trading block – completed its business combination with blank-check special purpose acquisition company (SPAC) firm Adit EdTech, effective Dec. 28.
The move comes more than two years after the deal was first announced. It faced multiple extensions and delays.
Griid said in a news release its common stock is expected to go live today on Toronto-based Cboe Canada, formally known as the NEO Exchange, under the ticker symbol “GRDI.”
Griid is also seeking to list its common stock and warrants in the United States. It did not elaborate as to which exchange it would trade on. Adit (NYSE: ADEX), an affiliate of Adit Ventures, a late-stage venture capital firm, said in filings in late December it plans to voluntarily delist from the NYSE American on or around Jan. 15.
Adit received indications from the market that its securities wouldn't be approved after it closed its deal with Griid.
Further details on the acquisition are few and far between. Griid expects to file a Form 8-K with the U.S. Securities & Exchange Commission within four business days following the closing.
Griid exec: Company 'belongs in the public market'
It was November 2021 when Adit announced plans to take Griid public in a deal valued at $3.3 billion. Bloomberg first reported the move, citing anonymous sources. The two companies originally set a consummation date of May 29, 2022, but the deal faced multiple delays.
The company faced “reasonable and additional scrutiny” from the U.S. Securities and Exchange Commission given some “very highly publicized blowups” in the bitcoin industry, Harry Sudock, the company’s chief strategy officer, told me – but the company was ready to come out the other side.
Griid’s new valuation stands at $585 million, he said. The company did not disclose revenue figures.
“We believe Griid belongs in the public market,” Sudock said. “It’s certainly a much more challenging regulatory environment than the one we initially set out into. But we’re incredibly proud of our team.
"They've gone above and beyond along the way to make sure that this (deal) happens," he added. "They deserve to celebrate, and it'll be gratifying to finally hear the bell ring."
A Griid spokeswoman did not respond to more recent requests for comment. A message sent to Adit has also not been returned.
Griid was founded in mid-2018 by Miami University alumnus Trey Kelly, who serves as its president and CEO.
The firm manages, builds and operates bitcoin mining facilities using cheap, carbon-free energy. It generates computing power to process transactions taking place on the bitcoin blockchain, and it makes money from fees and the net new bitcoin that’s minted.
The company operates four mining sites: three in Tennessee and one in upstate New York.
Griid also has a manufacturing facility in Tennessee and a research and development office in Austin, Texas. The company has 50 employees, and its leadership team is expected to remain intact.
