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CleanSpark | 8-K: Current report

SEC announcement ·  Jun 27 21:02
Summary by Futu AI
On June 27, 2024, CleanSpark, Inc., a Nevada-based company, and GRIID Infrastructure Inc., headquartered in Delaware, announced a definitive merger agreement. CleanSpark will acquire all issued and outstanding common stock of GRIID in an all-stock transaction valued at $155 million, including the assumption of GRIID's debt. The merger will result in GRIID becoming a wholly owned subsidiary of CleanSpark. Concurrently, the companies have entered into an exclusive hosting agreement for all currently available power, with 20 MW allocated to CleanSpark immediately. The merger is expected to significantly expand CleanSpark's infrastructure, adding over 400 MW in Tennessee over the next two years, bringing its total capacity to over 1 GW. The transaction, which has been unanimously approved by both companies' Boards of Directors, is subject to GRIID shareholder approval and customary closing conditions, with an expected completion in the third quarter of 2024. Legal counsel for the transaction was provided by Cozen O'Connor P.C. for CleanSpark and Troutman Pepper Hamilton Sanders LLP for GRIID.
On June 27, 2024, CleanSpark, Inc., a Nevada-based company, and GRIID Infrastructure Inc., headquartered in Delaware, announced a definitive merger agreement. CleanSpark will acquire all issued and outstanding common stock of GRIID in an all-stock transaction valued at $155 million, including the assumption of GRIID's debt. The merger will result in GRIID becoming a wholly owned subsidiary of CleanSpark. Concurrently, the companies have entered into an exclusive hosting agreement for all currently available power, with 20 MW allocated to CleanSpark immediately. The merger is expected to significantly expand CleanSpark's infrastructure, adding over 400 MW in Tennessee over the next two years, bringing its total capacity to over 1 GW. The transaction, which has been unanimously approved by both companies' Boards of Directors, is subject to GRIID shareholder approval and customary closing conditions, with an expected completion in the third quarter of 2024. Legal counsel for the transaction was provided by Cozen O'Connor P.C. for CleanSpark and Troutman Pepper Hamilton Sanders LLP for GRIID.
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