I have long admired CleanSparks track record of disciplined execution and I am looking forward
to bringing that to our tremendous Tennessee power pipeline said Harry Sudock, GRIIDs CSO. Growing our portfolio of data centers in this attractive region positions us to continue strengthening the resilience of the power grid
while delivering CleanSparks leading mining capabilities.
GRIID operates bitcoin mining data centers in various cities and towns throughout
Tennessee that are serviced by Tennessee Valley Authority (TVA), the largest and one of the most important public power companies in the United States. Like CleanSpark, GRIID has taken a community-first approach to building its data centers,
embedding itself into the towns and communities it operates in. In addition to GRIIDs corporate headquarters in Cincinnati, Ohio, they operate a Research and Development Center in Austin, Texas, and a Development, Deployment, and Equipment
Repair Center in Rutledge, Tennessee. Their four mining facilities are in Watertown, New York and Limestone, Maynardville and Lenoir City, Tennessee.
The
transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the third quarter of 2024. The acquisition is subject to GRIID shareholder approval and other customary closing conditions.
Advisors
Cozen OConnor P.C. served as legal
counsel for CleanSpark and Troutman Pepper Hamilton Sanders LLP served as legal counsel for GRIID in connection with the transaction.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is Americas Bitcoin Miner. We own and operate data centers
that primarily run on low-carbon power. Our infrastructure responsibly supports Bitcoin, the worlds most important digital commodity and an essential tool for financial independence and inclusion. We
cultivate trust and transparency among our employees and the communities we operate in. Visit our website at www.cleanspark.com.
About GRIID
Infrastructure Inc.
GRIID 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. GRIID currently maintains mining facilities in Watertown, New York; Limestone, Maynardville and Lenoir City, Tennessee. To learn more,
please visit www.griid.com.
Forward-Looking Statements
This communication includes forward-looking statements as defined under the federal securities laws. All statements other than statements of
historical fact included or incorporated by reference in this communication, including, among other things, statements regarding the proposed business combination transaction between CleanSpark, Inc. (CleanSpark) and GRIID Infrastructure
Inc. (GRIID), future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined companys
business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, the anticipated closing date for the proposed transaction and other aspects of CleanSparks or GRIIDs
operations or operating results are forward-looking statements. Words and phrases such as ambition, anticipate, estimate, believe, budget, continue, could,
intend, may, plan, potential, predict, seek, should, will, would, expect,