SPAC Deal of Bitcoin Miner GRIID Pushed Back Yet Again

Date:

  • The original announcement of the acquisition was made in November 2021.
  • The procedure has been formally postponed for the third time.

The completion of the Bitcoin Miner GRIID and a blank-check merger has been pushed back yet again. This past week, Adit EdTech, a special purpose acquisition company (SPAC), revealed in an SEC filing that it had extended the deadline for the merger from January 14 to February 14. The original announcement of the acquisition was made in November 2021.

Moreover, the procedure has been formally postponed for the third time. The two businesses missed their original May 2022 target without providing an explanation. They reached a consensus and officially decided to push out the deadline to October 1 of last year. Adit then asked its shareholders to authorize yet another postponement of this event.

NYSE Listing Chances Dull

Furthermore, an extension of one month was approved during a shareholders’ meeting in December, the first of six such delays. GRIID has loaned its prospective purchaser $148,045.32 to be placed in a trust account as part of the delay. If the transaction does not go through, the stockholders will get their portion of the trust fund.

To become public via acquisition, SPACs are listed shell firms. As is the case with all SPACs, Adit and GRIID’s $3.3 billion transaction was designed to have GRIID become a publicly traded company on the New York Stock Exchange (NYSE).

Moreover, Adit also disclosed in the latest filing that it thinks it will no longer fulfill the NYSE’s listing rules, making that prospect seem less probable. Furthermore, the business is weighing its alternatives, one of which is potentially moving its shares to a new exchange voluntarily.

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