CleanSpark, Inc. has announced a pending merger agreement with GRIID Infrastructure Inc., which, upon completion, will see GRIID become a wholly-owned subsidiary of CleanSpark. The merger is contingent on stockholder approval and other closing conditions, including regulatory clearances and the absence of any materially adverse events. GRIID stockholders are set to receive CleanSpark common stock, with the exchange ratio tied to a fixed Parent Stock Price of $16.587. The transaction is structured to be a tax-favorable 'reorganization' under the Internal Revenue Code. Key GRIID stockholders have agreed to vote in favor of the merger, and provisions have been made for GRIID equity compensation awards and warrants. The agreement includes termination clauses with associated fees and mutual representations and warranties...Show More

CleanSpark, Inc. has announced a pending merger agreement with GRIID Infrastructure Inc., which, upon completion, will see GRIID become a wholly-owned subsidiary of CleanSpark. The merger is contingent on stockholder approval and other closing conditions, including regulatory clearances and the absence of any materially adverse events. GRIID stockholders are set to receive CleanSpark common stock, with the exchange ratio tied to a fixed Parent Stock Price of $16.587. The transaction is structured to be a tax-favorable 'reorganization' under the Internal Revenue Code. Key GRIID stockholders have agreed to vote in favor of the merger, and provisions have been made for GRIID equity compensation awards and warrants. The agreement includes termination clauses with associated fees and mutual representations and warranties by both companies. The merger is also subject to customary covenants, such as the requirement for both companies to operate their businesses as usual until the merger's completion. The merger is expected to close on the third business day following the fulfillment of all conditions, at 8:00 a.m. Las Vegas time.