Action comes following approval of merger by GRIID shareholders in October 28th vote
CleanSpark expects to grow to over 400 MW of mining capacity in Tennessee
CleanSpark, Inc., America's Bitcoin Miner® (the "Company"), announced today the completed acquisition of GRIID Infrastructure Inc. ("GRIID") on October 30, 2024, following approval of the transaction by stockholders of GRIID at the special meeting of its stockholders on October 28, 2024.
"I'm pleased to announce the completion of our acquisition of GRIID Infrastructure Inc., a strategic move that allows us to grow our Bitcoin mining capacity in the state of Tennessee, which we intend to build to over 400 MW in the coming years," said CleanSpark CEO Zach Bradford. "Moreover, this adds significant geographic and power supply diversity through expansion in the Tennessee Valley Authority (TVA) service territory, providing us with additional operational flexibility."
"We look forward to smoothly integrating GRIID's team into 'The CleanSpark Way,' merging their impressive workforce with our own. We've gotten to know GRIID's employees well in the past three months as we have prepared for the merger and they have hosted 50 MW of mining capacity for us. The fit couldn't be better, and we are collectively ready to hit the ground running with GRIID's existing capacity, new development in TVA, and additional talent supporting our previously acquired sites in the state," said Bradford.
"I'm proud to welcome CleanSpark to Tennessee," said U.S. Senator Bill Hagerty (R-TN). The Volunteer State is a great place to grow a business and has rapidly developed into one of the centers of America's Bitcoin industry. We boast a globally competitive workforce, a superior quality of life, and thanks to TVA, reliable and affordable power. We are excited to see CleanSpark grow and invest in Tennessee."
"The closing of the merger is a great outcome for GRIID's shareholders and employees," said GRIID's former CEO Trey Kelly. "It's great to start the next chapter, and merging with CleanSpark is a tribute to the business we've built with some of the best Bitcoin mining professionals in the world. CleanSpark has already begun demonstrating their ability to accelerate and maximize the value of GRIID's power pipeline, and I see tremendous upside for the combined company in the years to come."
Under the terms of the merger agreement originally announced on June 27, 2024, each share of GRIID common stock was converted into approximately 0.06959 of a share of CleanSpark common stock at the effective time of the merger.
In connection with the closing of the transaction, GRIID has requested that Nasdaq suspend trading of the GRIID common stock and GRIID public warrants on Nasdaq prior to the opening of trading on October 31, 2024. The shares of GRIID common stock are expected to be delisted from Cboe Canada at the end of the day on October 31, 2024.
Advisors
Cozen O'Connor P.C. served as legal counsel for CleanSpark and Troutman Pepper Hamilton Sanders LLP served as legal counsel for GRIID in connection with the transaction.
