CleanSpark to Acquire Griid Infrastructure in All-Stock Transaction

MT Newswires Live06-27

CleanSpark (CLSK) and Griid Infrastructure (GRDI), a bitcoin mining data centers operator, have signed a merger agreement under which CleanSpark will acquire all the issued and outstanding common shares of Griid in an all-stock transaction for a total enterprise value of $155 million, the companies said Thursday.

Additionally, 20 megawatts of power will be allocated to CleanSpark under an exclusive hosting agreement with Griid, effective immediately, the companies added.

CleanSpark, which will assume all outstanding debt of Griid, also provided a $5 million working capital loan to Griid and a pay-down bridge loan of roughly $50.9 million, the companies said.

The boards of directors of both companies approved the deal, which is expected to be completed in Q3, CleanSpark and Griid said.

CleanSpark's shares were down 6.5% in recent trading.

Price: 14.68, Change: -1.02, Percent Change: -6.49

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