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8-K: Current report

SEC ·  Oct 31, 2024 19:41

Summary by Moomoo AI

On October 30, 2024, CleanSpark, Inc., a Nevada-based company listed on the Nasdaq Stock Market under the symbol CLSK, completed its acquisition of GRIID Infrastructure Inc., a Delaware corporation. The merger was previously announced on June 26, 2024, and followed the approval by GRIID shareholders on October 28, 2024. As per the terms of the merger, each share of GRIID common stock was converted into approximately 0.06959 of a share of CleanSpark common stock. The merger resulted in the issuance of an aggregate of 5,031,254 shares of CleanSpark common stock. GRIID has become a wholly owned subsidiary of CleanSpark, with the merger adding significant geographic and power supply diversity to CleanSpark's operations. The company aims to expand its Bitcoin mining capacity in Tennessee to over 400 MW...Show More
On October 30, 2024, CleanSpark, Inc., a Nevada-based company listed on the Nasdaq Stock Market under the symbol CLSK, completed its acquisition of GRIID Infrastructure Inc., a Delaware corporation. The merger was previously announced on June 26, 2024, and followed the approval by GRIID shareholders on October 28, 2024. As per the terms of the merger, each share of GRIID common stock was converted into approximately 0.06959 of a share of CleanSpark common stock. The merger resulted in the issuance of an aggregate of 5,031,254 shares of CleanSpark common stock. GRIID has become a wholly owned subsidiary of CleanSpark, with the merger adding significant geographic and power supply diversity to CleanSpark's operations. The company aims to expand its Bitcoin mining capacity in Tennessee to over 400 MW. Following the merger, GRIID's common stock and public warrants were suspended from trading on Nasdaq and are expected to be delisted from Cboe Canada. CleanSpark's CEO, Zachary Bradford, expressed optimism about the integration of GRIID's team and the growth potential in Tennessee. U.S. Senator Bill Hagerty of Tennessee welcomed CleanSpark, highlighting the state's conducive environment for business and the Bitcoin industry. The merger is seen as a positive development for GRIID's shareholders and employees, with former CEO Trey Kelly acknowledging CleanSpark's ability to maximize the value of GRIID's power pipeline. 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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