Adit EdTech (ADEX) Shareholders Approve Griid Infrastructure Deal
by Marlena Haddad on 2023-12-01 at 9:34am

Adit EdTech (NYSE: ADEX) announced this morning that its shareholders have approved its business combination with bitcoin self-mining company Griid Infrastructure at a special meeting held yesterday, November 30.

A total of 8,520,710 shares of common stock, representing approximately 95.7% of the outstanding shares entitled to vote, were present at the meeting, constituting a quorum to conduct business. The deal was overwhelmingly approved as holders of 8,210,616 shares voted in favor of the proposal, and holders of only 646 shares voted against the combination.

While the SPAC didn’t disclose redemption amounts, it went into yesterday’s vote with an aggregate of 92.75% of its trust already redeemed from previous extension meetings. Without taking into consideration yesterday’s redemptions, it currently has $21.16 million in its trust.

No specific timeline for the closing of the deal has been provided yet. However, upon completion, the combined company is set to trade on the NYSE under the symbol “GRDI”.

Adit EdTech inked its $3.3 billion deal with Griid in November 2021, making it the second oldest announced deal that has yet to close. The New York-based company operates three bitcoin mining operations in the US powered by an electricity mix that is 70% carbon-free.

Recent Posts
by Nicholas Alan Clayton on 2024-02-23 at 2:26pm

Pyrophyte (NYSE:PHYT) faced a major regulatory setback for its combination with mining firm Sio Silica this week, but a recent analogous SPAC deal could provide some encouragement for a path forward. Sio Silica is working to develop a high-grade silica mine in the Vivian Sands outside Winnipeg, Canada and it inked the $708 million combination...

by Nicholas Alan Clayton on 2024-02-23 at 1:37pm

News and Rumors JD Supra: Securities class action lawsuits against SPACs and de-SPACs increased only slightly in 2023 with 27 after 2022 saw 24 and 2021 – 33. Lawsuits concerning the de-SPACing process itself dropped precipitously, however, representing just 21% of cases as compared to 69% in the previous two years and 80% in 2020....

by Nicholas Alan Clayton on 2024-02-23 at 7:39am

At the SPAC of Dawn SPACs have officially landed on the Moon. Despite a few last-minute delays and minor malfunctions, Intuitive Machines’ (NASDAQ:LUNR) Odysseus lander made the first soft landing on the Moon since 1972 and the first ever by a commercial enterprise. Three other private missions to the moon have failed in recent years...

by Nicholas Alan Clayton on 2024-02-22 at 2:50pm

Moringa (NASDAQ:MACA) has entered into a definitive agreement to combine with clinical-stage biotech firm Silexion at a pre-transaction equity value of $62.5 million. Modi’in-Maccabim-Reut, Israel-based Silexion is developing a range of potential cancer treatments with its most advanced efforts targeting pancreatic cancer. The combined company is expected to trade on the Nasdaq once the deal...

by Nicholas Alan Clayton on 2024-02-22 at 1:32pm

News and Rumors CityWire: A subsidiary of Allianz (DE:ALV) and Constellation Wealth Capital have signed on to invest $400 million in asset management firm AlTi Global (NASDAQ:ALTI), purchasing a combination of ordinary shares and Series A convertible preferred stock. AlTi is up 21% in midday trading on the news. It combined with Cartesian Growth in...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved