GRIID Infrastructure Inc. Receives Commencement of Delisting Notice From the NYSE

CINCINNATI, Jan. 03, 2024 (GLOBE NEWSWIRE) -- GRIID Infrastructure Inc. (“GRIID” or the “Company”), an American bitcoin mining company that leverages a low-cost, low-carbon energy mix to manage and operate vertically integrated bitcoin mining facilities, announces that, following the Company’s notifying the NYSE American LLC (the “Exchange”) of the Company’s intention to voluntarily delist from the Exchange, as previously disclosed in the Current Report on Form 8-K filed on January 2, 2024 with the United States Securities and Exchange Commission, the Company received a letter from the on January 2, 2024 stating that the staff of the Exchange has determined to commence proceedings to delist the Company’s Common Stock, Units and Redeemable Warrants (collectively, the “Securities”) pursuant to Section 119(f) of the NYSE American Company Guide because the Company consummated a business combination transaction without the required authorization from the Exchange. At this time, the Securities have been suspended from trading on the Exchange and will not continue to trade on the Exchange.

The Company has a right to a review of the delisting determination by a Committee of the Board of Directors of the Exchange, provided a written request for such review is requested no later than January 9, 2024. Consistent with its notification of the Exchange regarding its intention to voluntarily delist from the Exchange, the Company has notified the Exchange that it does not intend to make such a request.

About GRIID Infrastructure Inc.
GRIID (Cboe: GRDI) is a purpose-built bitcoin mining company, founded in 2018, that has operated mining facilities since 2019. GRIID has built long-term power relationships securing affordable, reliable, environmentally responsible power, enabling a vertically integrated self-mining business model with significant growth opportunity. Headquartered in Cincinnati, Ohio, GRIID operates a R&D Center in Austin, Texas and a Development, Deployment and Equipment Repair Center in Rutledge, Tennessee. Mining facilities are in Watertown, New York; Limestone, Maynardville and Lenoir City, Tennessee. To learn more, please visit www.griid.com.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or the Company’s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements, including statements regarding GRIID’s growth and prospects and GRIID’s expectations regarding the listing of its securities on stock exchanges, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by GRIID and its management, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in GRIID’s filings with the Securities and Exchange Commission, including the registration statement on Form S-4 filed by Adit EdTech in connection with the business combination, as well as factors associated with companies, such as GRIID, that are engaged in bitcoin mining, including anticipated trends, growth rates, and challenges in those businesses and in the markets in which they operate; market acceptance of bitcoin; reliance on third parties, including utility providers, for the reliable and sufficient supply of electrical power to GRIID’s infrastructure; and the ability to stay in compliance with laws and regulations that currently apply or become applicable to bitcoin. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. GRIID expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in GRIID’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Media Contact:
Malory Van Guilder
Skyya PR
[phone]
[e-mail]

Investor Contact:
Jim Golden
Collected Strategies
[phone]
[e-mail]

Company Contact:
Harry Sudock
GRIID Infrastructure
[phone]
[e-mail] 

Source: GRIID Infrastructure Inc.

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