Crypto Mining Firm GRIID Merger Delayed Again, Adit EdTech SPAC at Risk of Losing NYSE Listing

1: bitcoin mining firm griid and a blank-check company, adit edtech, were involved in a merger that has been delayed again. the $3.3 billion deal between adit and griid was intended to work as a kind of reverse takeover. griid loaned its would-be buyer $148,045.32 to go into a trust account.

2: the merger was first announced in november 2021 and the latest extension is the first of six one-month delays granted at a meeting of the company’s stockholders held in december. if no deal is ever completed, shareholders will be entitled to their share of the trust account.

3: the spac process has become popular in the early 2020s as a cheaper and faster alternative to the traditional initial public offering (ipo) process. however, it has faced greater scrutiny in recent years as well as less enthusiasm from a more cautious market. lower crypto prices, tougher mining difficulty, and higher energy costs have squeezed the industry and forced some to pivot to alternative revenue streams. adit anticipates it will no longer satisfy the nyse’s listing standards and is considering its options, which could include voluntarily transferring its shares to a different exchange.

By Evey Lovelace

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