Adit EdTech Acquisition in a regulatory filing said it was lowering the merger share consideration on its deal with Griid to 58.5 million, down from the original 308.1 million shares.
Griid is engaged in bitcoin mining.
Other changes to the merger agreement include ADEX now being able to pursue an alternative business combination transaction during the pre-closing period.
Another amendment eliminates Griid’s ability to terminate the deal if the merger has not closed by an agreed outside date, which was extended to Jan. 14.
Finally, the amended agreement requires Griid to pay the SPAC a non-refundable $50 million termination fee if the deal falls apart due to any misrepresentations by Griid, if any government entity blocks the deal, or if Griid rejects the merger due to bankruptcy, insolvency, reorganizational or any similar proceeding. Read more.
