After trading in Adit EdTech Acquisition units, stock and warrants was halted earlier this month by the NYSE, the company in an 8-K disclosed it has been approved to list on the NYSE American, subject to confirmation of its satisfaction of the NYSE American’s listing standards. The SPAC was delisted from the NYSE for falling below the $40 million market cap listing standard.
The company expects stock, units and warrants to begin trading on the NYSE American on or about Feb. 16.
The SPAC has a pending merger deal with Griid, which is engaged in bitcoin mining. Adit is on the first of up to six monthly extensions to get the deal across the finish line.
The merger agreement as amended 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.
