Griid to Go Public in Canada after Roadblock from US Exchange

UPDATE Dec. 30, 2023 – Griid announced on Dec. 29 that its business combination with Adit EdTech is complete and it will be listed on the Cboe Canada exchange, which had a trading volume of $79.2 million on Dec. 29. For comparison, NYSE American and NYSE had a volume of $264 million and $3.1 billion, respectively.

Bitcoin mining firm Griid’s merger with a special purpose acquisition corporation (SPAC) to go public has encountered a roadblock, despite shareholders approving the business combination in recent meetings.

The SPAC, Adit EdTech Acquisition Corporation (ADEX), announced in a release on Tuesday its intention to “voluntarily de-list” from NYSE American, motivated by the exchange’s indications that it would not “approve the listing….following the closing of ADEX’s business combination with Griid Holdco LLC.”

ADEX did not specify the reason behind the exchange’s decision. It already submitted Form 25 on Dec. 22 with the Securities and Exchange Commission for the withdrawal from NYSE American.

Earlier this year, ADEX transferred the listing and trading of its securities from NYSE to NYSE American, which caters to the small market cap equity market. 

Ohio-headquartered Griid initially filed to go public through a $3.3 billion merger with ADEX two years ago but the transaction had been postponed multiple times amid the bear market in 2022.

The companies finally pushed the transaction forward with shareholder meetings in November to approve the plan but only to hit a roadblock from the stock exchange.

According to Griid’s latest S-4 filings, it made a revenue of $9.2 million during the first half of 2023 from proprietary mining and hosting/profit-sharing with a blend-in gross margin of 29%. It mined 165 BTC in Q1 and Q2 this year, which declined by 40% compared to the same period last year.