GRIID Infrastructure Shares Drop 48% After CleanSpark Buyout Offer

Dow Jones06-27

By Chris Wack

GRIID Infrastructure shares were down 48% to $1.68 after CleanSpark offered to buy the company in an all-stock deal with an enterprise value of $155 million.

Along with the shares offered to the bitcoin miner, CleanSpark said it will assume all outstanding debt and other obligations of GRIID under the merger.

CleanSpark is also providing GRIID with a $5 million working capital loan, and a pay-down bridge loan of around $50.9 million used to satisfy certain obligations.

The companies entered into an exclusive hosting agreement for all currently available power, of which 20 megawatts will be allocated to CleanSpark effective immediately.

Shares of GRIID began trading on the Nasdaq Global Market in January, and are up 20% in the past 3 months.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

June 27, 2024 11:04 ET (15:04 GMT)

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