Cleanspark Inc.
CleanSpark Completes Acquisition of GRIID Infrastructure Inc.
Summary
On October 30, 2024, CleanSpark, Inc. completed its acquisition of GRIID Infrastructure Inc., a Delaware corporation. The merger involved the conversion of each share of GRIID common stock into approximately 0.06959 of a share of CleanSpark common stock. This strategic move is expected to increase CleanSpark's Bitcoin mining capacity in Tennessee to over 400 MW in the coming years, enhancing geographic and power supply diversity. The transaction was approved by GRIID shareholders on October 28, 2024. Trading of GRIID common stock and warrants was suspended on October 31, 2024, and they are expected to be delisted from Nasdaq and Cboe Canada respectively. CleanSpark intends to integrate GRIID's team into its operations, leveraging their workforce and existing mining capacity.
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About Cleanspark Inc.
Cleanspark Inc. is a technology company primarily focused on providing advanced energy software and control technology solutions. The company's main objective is to help customers achieve energy efficiency and maximize cost savings through its innovative microgrid design and energy analytics. Cleanspark Inc. offers services to a wide range of markets including commercial, industrial, and residential sectors, as well as unique solutions for military and municipal applications. Its solutions empower users to take control of their power needs by integrating multiple power sources, energy storage, and intelligent control systems. As the demand for sustainable and resilient energy solutions increases, Cleanspark Inc. plays a significant role in the transition towards more decentralized and efficient energy systems, aligning with global sustainability trends and energy independence initiatives.
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