CleanSpark Inc. announced a merger with GRIID Infrastructure in an all-stock transaction valued at $155 million. Includes the repayment and transfer of GRIID debt. CleanSpark and GRIID have entered into an exclusive hosting agreement, allocating 20 MW of capacity to CleanSpark. The merger has been approved by both companies and is expected in the third quarter of 2024. 😮

GRIID shareholders will receive shares of CleanSpark common stock. CleanSpark assumes all GRIID debts and other obligations. CleanSpark provided GRIID with $5 million in working capital and a $50.9 million repayment bridge loan.

GRIID's stock price has been fluctuating, opening the week at $1.17 per share and rising more than 150% in 3 days to prices above $3 per share on Wednesday. After news of the purchase, the company's shares fell to $1.20 per share.