Adit EdTech Acquisition in a press release said last Friday’s shareholder meeting to vote on a deadline extension has been pushed to July 11 at 9 a.m. Eastern.
If approved, the SPAC’s current July 14 deadline would be moved back to January 2024.
Adit EdTech was delisted from the NYSE in February for falling below the $40 million market cap listing standard. The SPAC now trades on the NYSE American.
The SPAC has a pending merger deal with Griid, which is engaged in bitcoin mining.
Adit EdTech in an October 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.
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.
