Adit EdTech Acquisition Corp. (NYSE:ADEX) announced that it has adjourned today’s extension vote and will reconvene it at 9 am ET on July 11.
ADEX intends to use this additional time to seek additional proxies for two proposals: one to extend the time for the company to complete its initial business combination, and another to remove a prohibition on certain actions if the company’s net tangible assets fall below $5 million.
The SPAC, which IPOd in January 2021, originally had 24 months on its timeline to complete its transaction and currently has an upcoming deadline of July 14. But, it is hoping to gain shareholder approval at the meeting to extend this up to two additional times for an additional three months each time, which would give it a new deadline of January 14.
ADEX inked its $3.3 billion deal with Griid on November 30, 2021. The New York-based company operates three bitcoin mining operations in the US powered by an electricity mix that is 70% carbon-free.
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