CleanSpark to acquire GRIID Infrastructure in all-stock deal valued at $155M EV

CLEANSPARK, INC.

Enterprise value of $155M including debt assumption; GRIID stockholders get CleanSpark shares based on exchange ratio using $16.587 VWAP.
CleanSpark provided $5M working capital loan and ~$50.9M bridge loan to GRIID, secured and senior to other debt.
Deal adds over 400 MW of power capacity in Tennessee over next 2 years; total announced capacity exceeds 1 GW.
Expected to close in Q3 2024, subject to GRIID shareholder approval and customary conditions.
GRIID operates bitcoin mining data centers in Tennessee and New York; CEO Zach Bradford cites community-first approach.

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