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- CleanSpark (NASDAQ:CLSK) announced on Thursday its plans to acquire all the issued and outstanding shares of GRIID Infrastructure (OTCPK:GRDI) in an all-stock transaction.
- GRIID Infrastructure is a vertically integrated bitcoin mining company.
- The transaction values GRDI at an enterprise value, including payment and assumption of debt, of $155M.
- CleanSpark will issue shares to GRIID stockholders at an exchange ratio determined by the aggregate merger consideration and the total number of GRIID shares outstanding at the merger closing date.
- The companies have also entered into an exclusive hosting agreement for all available power, with 20 MW immediately allocated to CleanSpark.
- CleanSpark has provided GRIID with a $5M working capital loan and an approximate $50.9M pay-down bridge loan.
- The transaction, approved by both companies’ boards, is expected to close in Q3.
- Source: Press Release
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