About Adit EdTech Acquisition
Adit EdTech Acquisition (NYSE: ADEX.U) is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
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Latest Adit EdTech Acquisition News
Aug 30, 2022
Twitter icon Twitter Copy Link This story is available exclusively to Insider subscribers. Become an Insider and start reading now. After raising billions of dollars last year, SPACs are struggling to close deals announced in 2021. Reasons for delayed closings range from regulatory slowdowns to market conditions to capital issues. Insider looked at 10 deals announced last year that haven't closed. Mortgage startup Better's deal with Aurora Acquisition Corp. Better CEO Vishal Garg Better In May 2021, the mortgage startup Better, helmed by Vishal Garg, its mercurial CEO embroiled in lawsuits , had announced plans to go public through a SPAC merger with blank-check company Aurora Acquisition Corp. The deal had valued Better at $7.7 billion. Since then, the company's now notorious layoffs of hundreds of staff over Zoom, Garg's temporary leave-of-absence, and the exits of top company leadership have made headlines. Garg is also fielding a number of lawsuits, including one from former Better COO Sarah Pierce, who says she was pushed out for calling out Garg's handling of the layoffs and his communications about company financials to its board and investors. (Better and its leadership have denied her allegations and sought to dismiss her suit). The company had previously stated that it plans to close the pending deal with Aurora Acquisition Corp. by the second quarter of 2022, but hasn't scheduled a date for a shareholder vote. "Having a strong balance sheet and being well capitalized amid these market conditions is crucial to furthering Better's mission of serving all home buyers by developing innovative, impactful products," Kevin Ryan, chief financial officer and interim president of Better, said in a statement. A representative for Aurora declined to comment. Real-estate tech startup Selina's deal with BOA Acquisition Corp. Selina cofounder and CEO Rafael Museri Selina In December 2021, BOA Acquisition Corp., a SPAC focused on real-estate technology, announced a merger with hospitality brand Selina for a combined value of $1.2 billion, with the intention to close the deal in the first half of 2022. Although the deal hasn't closed yet, BOA president and CFO Ben Friedman told Insider that he expects the merger to close sometime in the third quarter of 2022. As the SPAC market fizzled out during the latter half of 2021 and first few months of 2022, BOA decided to delay the merger in hopes of a more favorable market, Friedman said. The blank-check company also raised a $55 million PIPE, and an additional $147.5 million in convertible notes to help fund the merger. In a more cautious market, Friedman said that Selina's hard assets, real revenues, and profitability appealed to investors previously burned by controversial SPACs that sometimes lacked revenues or products, such as Churchill Capital Corp. IV's acquisition of pre-revenue company, Lucid Motors . Friedman also warned companies against flashy, tech-centric marketing, saying that investors now prefer profitability and strong metrics over buzzwords. "If you put lipstick on a pig, is it still a pig?" Friedman said. Banking startup Aspiration's deal with InterPrivate III Financial Partners Aspiration CEO and cofounder Andrei Cherny Aspiration The sustainable banking company Aspiration announced plans last August to merge with blank-check company InterPrivate III Financial Partners, in a deal valuing Aspiration at $2.3 billion . At the time, both companies indicated that it planned to close the deal by the fourth quarter of 2021, but have since extended the deadline to December 31. The SPAC also hasn't scheduled a date for a shareholder vote to close the deal. Representatives InterPrivate did not respond to a request for comment. A representative for Aspiration declined to comment. Crypto startup Circle's deal with Concord Acquisition Corp. Circle cofounder and CEO Jeremy Allaire Circle Concord Acquisition Corp., a fintech-focused SPAC, announced a merger with crypto fintech company Circle in July 2021 with an anticipated close in the fourth quarter of 2021. In February 2022, Circle reevaluated the SPAC deal and received a valuation increase from $4 billion to $9.5 billion , an unusual event given the broader trend of SPAC deals being called off and valuations going down. According to a Circle spokesperson, the increase in valuation "reflects improvements in Circle's financial outlook and competitive position," especially growth in the stablecoin USDC. Circle helps companies send and receive payments in USDC. Its circulation has "more than doubled" since the original deal was announced, the spokesperson said. The Circle spokesperson also told Insider that the timing of the eventual merger would be dependent on the SEC, which is still reviewing the deal. Crypto startup Bullish's deal to merge with Far Peak Acquisition Corp. Far Peak Acquisition Corp. Chairman and CEO, Thomas Farley CNBC/Getty Images The crypto company Bullish also extended its date for its merger to December 31 , paying a $2.5 million fee to do so. The SPAC deal, announced in July 2021 valued the crypto company at $9 billion. At the time, the parties said they expected the deal to close by December 2021 . A shareholder vote to close the deal has yet to be scheduled. A representative for Bullish declined to comment beyond the announcement of the extension of the date for a merger. Restaurant-tech startup Presto Automation's deal with Ventoux CCM Acquisition Corp. Presto founder and CEO Rajat Suri Presto In November 2021, Ventoux CCM, a blank-check company focused on the hospitality, leisure, travel, and dining sectors, announced a deal to buy restaurant productivity tech company Presto, valuing it around $1 billion. The deal was expected to close in the first half of 2022. Since then, Ventoux CCM and Presto have raised an additional $100 million in funds , consisting of a $60 million equity investment and $40 million in capital from other sources. Alongside these revised merger terms was a new $525 million valuation for Presto, a 50% decrease since the original deal announcement. On August 10, Ventoux CCM scheduled a special shareholders meeting for September 6 to vote on the new deal proposal and terms. Logistics startup Transfix's deal with G Squared Ascend In September 2021, SPAC G Squared Ascend announced its merger with logistics startup Transfix. Justin Paget/ Getty Images Last September, the logistics startup Transfix announced it would merge with blank-check company G Squared Ascend, in a deal valuing the company at $1.1 billion. At the time, the companies planned to close the merger by the first quarter of 2022 . They then extended a deadline to close to November 2022, saying that the extension would bring additional financing and capital to Transfix. A representative for Transfix declined to comment. A representative for G Squared could not be reached for comment. Mobile engagement startup Rezolve's deal with Armada Acquisition Corp. Rezolve founder and CEO Dan Wagner Pier Marco Tacca/Getty Images Armada Acquisition Corp. I, a fintech-focused SPAC, announced in December 2021 its acquisition of Rezolve, a UK-based mobile commerce and engagement platform. The deal valued the startup $1.8 billion. The deal has yet to close, and Armada has not yet scheduled a special shareholders meeting to vote on the merger. Armada and Rezolve did not respond to requests for comment. Bitcoin mining startup GRIID's deal with Adit EdTech Acquisition Corp. Adit EdTech President and CEO David Shrier Cedric Ribeiro/Getty Images In November 2021, Adit EdTech Acquisition Corp. announced a deal to buy GRIID , a bitcoin self-mining company, which fell outside the SPAC's original edtech focus. The deal valued GRIID at $3.3 billion, and was expected to close in the first quarter of 2022. In December 2021, law firm Levi & Korsinsky launched an investigation into the merger to examine whether Adit EdTech's board had "harmed stockholders by agreeing to enter into this transaction" and whether "all material facts'' had been "properly disclosed" to stockholders, according to a press release. Levi & Korsinsky did not respond to a request for comment. Adit EdTech has not yet scheduled a special shareholders meeting to vote on the merger, and both Adit EdTech and GRIID did not respond to requests for comment. Fintech startup Corcentric's deal with North Mountain Merger Corp. In December 2021, North Mountain Merger Corp. announced its acquisition of fintech Corcentric. Qi Yang/Getty Images North Mountain Merger Corp., a fintech-focused blank-check company, announced in December 2021 its deal with fintech Corcentric. The deal was expected to close in the second quarter of 2022, and valued Corcentric at about $1.2 billion. North Mountain has not scheduled a special shareholders meeting to vote on the merger. North Mountain and Corcentric did not respond to requests for comment.
Adit EdTech Acquisition Frequently Asked Questions (FAQ)
When was Adit EdTech Acquisition founded?
Adit EdTech Acquisition was founded in 2021.
Where is Adit EdTech Acquisition's headquarters?
Adit EdTech Acquisition's headquarters is located at 1345 Avenue of the Americas, New York.
What is Adit EdTech Acquisition's latest funding round?
Adit EdTech Acquisition's latest funding round is IPO.
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