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Adit EdTech (ADEX) Shareholders Approve Griid Infrastructure Deal

Adit EdTech (ADEX) Shareholders Approve Griid Infrastructure Deal

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.