CleanSpark is planning to acquire GRIID, which will involve issuing 5.2 million shares, approximately 2.5% of its total shares, assuming a share price of $16.587. Additionally, CleanSpark has provided a $5 million working capital loan and a $50.9 million pay-down bridge loan to assist GRIID during the transition. These secured loans have seniority over GRIID’s other debts. Currently trading at $16.23 per share, CleanSpark aims to add over 400 MW of data center infrastructure in Tennessee over the next two and a half years.
The management plans to bring 100 MW online by the end of 2024 and 200 MW by 2025, while also aiming to achieve over 1 GW of total infrastructure capacity by 2026, including its existing 450 MW capacity and other expansion projects. The acquisition, expected to close in Q3 2024, is subject to GRIID shareholder approval and other conditions.
