On June 26, 2024, CleanSpark, Inc., a Nevada-based corporation, announced the entry into a Merger Agreement with GRIID Infrastructure Inc., and Tron Merger Sub, Inc., a wholly owned subsidiary of CleanSpark. The agreement stipulates that Merger Sub will merge with GRIID, with GRIID being the surviving corporation. GRIID stockholders will receive CleanSpark Common Stock based on an exchange ratio determined by the Aggregate Merger Consideration divided by GRIID's outstanding shares. The Merger is subject to customary closing conditions, including GRIID stockholder approval, SEC registration statement effectiveness, and Nasdaq listing of the CleanSpark stock to be issued. CleanSpark also entered into a Credit Agreement with GRIID, providing a term loan of approximately $55.9 million, which GRIID can use for specified purposes. Concurrently...Show More

On June 26, 2024, CleanSpark, Inc., a Nevada-based corporation, announced the entry into a Merger Agreement with GRIID Infrastructure Inc., and Tron Merger Sub, Inc., a wholly owned subsidiary of CleanSpark. The agreement stipulates that Merger Sub will merge with GRIID, with GRIID being the surviving corporation. GRIID stockholders will receive CleanSpark Common Stock based on an exchange ratio determined by the Aggregate Merger Consideration divided by GRIID's outstanding shares. The Merger is subject to customary closing conditions, including GRIID stockholder approval, SEC registration statement effectiveness, and Nasdaq listing of the CleanSpark stock to be issued. CleanSpark also entered into a Credit Agreement with GRIID, providing a term loan of approximately $55.9 million, which GRIID can use for specified purposes. Concurrently, CleanSpark and GRIID signed Voting Agreements with major GRIID stockholders to secure votes in favor of the merger. Additionally, a Hosting Agreement was signed for CleanSpark to host its cryptocurrency mining equipment at GRIID facilities. The merger is expected to close by March 31, 2025, unless terminated under certain conditions outlined in the Merger Agreement.