Troutman Pepper represented Griid Infrastructure LLC (GRIID), a vertically integrated, bitcoin self-mining company, in its merger agreement with Adit EdTech Acquisition Corp. (NYSE: ADEX, ADEX.U, and ADEX.WS), a special purpose acquisition company (SPAC), under Adit EdTech acquired Griid Holdco LLC, a newly formed holding company and parent of GRIID. The combined company is expected to operate under the name “GRIID Infrastructure Inc.” and be listed on the NYSE under the new ticker symbol “GRDI”.
Based in Cincinnati, Ohio, GRIID is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities.
The Troutman Pepper team advising GRIID in the merger included Patrick Costello, Steven Khadavi, Joseph Walsh, Wallace Bao, Joan Arnold (tax), and Jeff Banish (benefits), among others.
Earlier, the firm advised GRIID in securing a $525 million credit facility from Blockchain.com, one of the world’s oldest and most trusted cryptocurrency platforms with over $5 billion in loan originations. The four-year term credit facility will assist GRIID in extending its proven execution capabilities to greater scale, bringing on additional mining capacity, and capitalizing on over 1,300 megawatts of available power from existing energy generation partners.
The Troutman Pepper team that advised GRIID in the credit facility deal includes Patrick Costello, Justin Wood, Alex Cabe, and Suzanne Soboeiro, among others.