Adit EdTech Acquisition and merger partner Griid Infrastructure in a regulatory filing said they entered into a share purchase agreement with GEM Global Yield and GEM Yield Bahamas Limited for up to $200 million of the post-combination company’s shares.
The purchase price of the shares that Adit EdTech may opt to sell will be 92% of the average daily closing price during a 30-trading day period starting with the first trading day designated in the notice delivered to GEM Global Yield, according to the agreement. Griid would pay a $4 million commitment fee in cash or stock to GEM.
The merger transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech’s trust account, after payment of Adit EdTech’s transaction expenses and without giving effect to any redemptions.
Griid is engaged in bitcoin mining. Read more.
