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ADEX Strikes Bitcoin SPAC Deal with GRIID, DMYQ Falls Ahead of Vote

ADEX is taking the Bitcoin self-miner public at a $3.3B valuation, while DMYQ dipped as it went ex-redemption ahead of its Planet vote on Friday.

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As stocks broadly got hammered today, SPACs were not immune, essentially falling across the board. Included in the decliners was DMYQ, soon to be Planet (PL), ahead of its merger vote on Friday. DMYQ dipped below the $10 floor today, as shares went ex-redemption and thus lost its $10 safety net, before recovering to close at $10 on the nose. Will be interesting to see if there wound up being redemptions here. DMYQ / Planet seemingly have a ton of momentum behind them, and wouldn't be surprised if PL takes off post ticker-change. 

ICYMI have a listen to Will Marshall, Ashley Johnson, and Niccolo de Masi Discuss Planet's prospects on our podcast. 

Is Planet Labs Ready for Primetime?

Adit EdTech Acquisition Corp. (ADEX) confirmed a deal that was rumored last week in that it will be taking GRIID, "a profitable, vertically integrated bitcoin self-mining company with three US-based facilities," public in a SPAC transaction valuing the company at $3.3B EV. The deal contains no PIPE and will rely on the $276M ($246M net of fees and expenses) in the SPAC's trust for cash to accelerate growth. 

Investor Deck 

GRIID, capitalizing on the insane momentum and growth in the crypto space, has some of the most aggressive financial projections we've seen in a SPAC deal, with their downside case (hat tip to the company for providing three BTC cases, that's rare in management presentations) showing $1.5B in 2024E revenues if BTC goes from $50k-$30k. This is up from just $30M in revenue for 2021E

GRIID revenue projections

GRIID revenue projections

Other SPAC News:

ION Acquisition Corp 2 (IACB) shareholders approved its merger with Innovid, 19.6M shares were redeemed or ~77% of the SPAC's trust. Shares will trade as CTV beginning 12/1. 

Altimeter Growth Corp. (AGC) shareholders approved its merger with Grab, in one of the largest completed SPAC transactions to date at a $30B EV for the Singapore-based company. AGC closed at $12.78, down almost 6% today.  

SPAC Calendar

4 merger votes down, 5 to go to finish up the week, and a ton left for December. 

Dec 01 | $ 10.22 | ADF - Aldel Financial Inc. --> Hagerty
Dec 02 | $ 9.97 | ENFA - 890 5th Avenue Partners, Inc. --> BuzzFeed
Dec 03 | $ 10.00 | GIG - GigCapital4, Inc. --> BigBear.ai
Dec 03 | $ 10.00 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Dec 06 | $ 9.97 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 11.89 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 07 | $ 9.93 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Dec 07 | $ 10.00 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 07 | $ 9.97 | DGNS - DRAGONEER GR OP --> CVENT
Dec 08 | $ 9.96 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 13 | $ 9.98 | YAC - Yucaipa Acquisition Corporation --> SIGNA Sports United
Dec 14 | $ 9.97 | ISOS - Isos Acquisition Corp. --> Bowlero
Dec 14 | $ 11.10 | FST - FAST ACQ CP --> Fertitta Entertainment, Inc.
Dec 21 | $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 23 | $ 10.17 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 28 | $ 9.99 | ATHN - Athena Technology Acquisition Corp. --> Heliogen

Today's Price Action

Biggest Gainers

👀 on Chamath's IPOF with a bit of a gain today (on a very down market), any news coming?

3.75% ~ $ 9.97 | ENFA - 890 5th Avenue Partners, Inc. (Announced)
2.15% ~ $ 10.47 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
1.73% ~ $ 10.00 | CLAY - Chavant Capital Acquisition Corp. (Pre-Deal)
1.44% ~ $ 9.84 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
1.40% ~ $ 24.67 | PCPC - Periphas Capital Partnering Corporation (Pre-Deal)
1.22% ~ $ 10.80 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
1.03% ~ $ 9.83 | ESM - ESM Acquisition Corporation (Pre-Deal)
1.02% ~ $ 9.95 | ADEX - ADIT EDTECH ACQUISITION CORP. (Announced)
.82% ~ $ 9.80 | EGGF - EG Acquisition Corp. (Pre-Deal)
.71% ~ $ 9.88 | XPOA - DPCM Capital Inc (Pre-Deal)
.71% ~ $ 9.94 | GLBL - Cartesian Growth Corporation (Announced)
.70% ~ $ 10.10 | LNFA - L&F Acquisition Corp (Pre-Deal)
.69% ~ $ 13.04 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
.62% ~ $ 9.78 | EVOJ - Evo Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.93 | HLXA - HELIX ACQUISITION CORP (Announced)
.60% ~ $ 10.00 | AURC - Aurora Acquisition Corp. (Announced)
.57% ~ $ 10.00 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Announced)
.52% ~ $ 9.74 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
.51% ~ $ 9.78 | PICC - Pivotal Investment Corporation III (Pre-Deal)
.51% ~ $ 9.83 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)

Biggest Losers

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)