CleanSpark Inc. announced its acquisition of GRIID Infrastructure in an all-stock deal valued at $155 million, including the assumption of GRIID’s debt. The merger, approved unanimously by both companies’ boards, is expected to finalize in Q3 2024, pending shareholder approval.
GRIID stockholders will receive CleanSpark common stock based on an exchange ratio. CleanSpark, trading at $16.35 per share, will assume all of GRIID’s debt and provide loans totaling $55.9 million to aid the transition.
CEO Zach Bradford emphasized the merger’s potential for growth in Tennessee, aiming to replicate CleanSpark’s success in Georgia by expanding infrastructure to over 400 MW by 2026.
GRIID, a Bitcoin mining company with operations in Tennessee, saw its stock rise over 150% before falling back to $1.20 following the acquisition news. This merger marks a strategic expansion for CleanSpark, positioning it for significant growth in the energy infrastructure sector.
