PART 1: Analysis of the Company's Performance during the Period

Adit EdTech Acquisition Corp. is a blank check company formed with the aim of facilitating an initial business combination with one or more target businesses. The company completed its IPO on January 14, 2021, which generated gross proceeds of $240,000,000. The offering comprised 24,000,000 units, with each unit containing one share of the company's common stock and one-half of one redeemable warrant. Each whole warrant allows the holder to acquire an additional share at an exercise price of $11.50 per share. In addition to the IPO, Adit EdTech Acquisition Corp. completed a private placement of 6,550,000 private placement warrants for $1 per warrant on the same day as the IPO. Furthermore, the company's IPO underwriters exercised an over-allotment option in full on January 15, 2021, purchasing an additional 3,600,000 units and 720,000 private placement warrants at $10 per unit.

Adit EdTech Acquisition Corp. has not generated any operating revenues since its inception, and its activities up to December 31, 2022, have only involved its formation, IPO, and the search for a business combination candidate. As of January 19, 2021, $276,000,000, of the IPO's net proceeds, had been deposited in the Trust Account, as required by the company's governing documents.

As of December 23, 2022, 25,132,578 shares of common stock, then trading on the Nasdaq Capital Market under the symbol "ADEX," were redeemed for $253.6 million (approximately $10.09 per share) under the terms and conditions stated in the company's governing documents.

PART 2: Forward-Looking Analysis

Adit EdTech Acquisition Corp.'s future performance is contingent on its ability to identify, negotiate and consummate an initial business combination with one or more target businesses. The company may use its IPO and private placement proceeds, as well as any debt that it might raise to finance the business combination, or for any other purpose.

The competitive position of Adit EdTech Acquisition Corp. depends on its ability to identify attractive target businesses that meet its investment criteria in a highly competitive market. The company's management, led by CEO and Chairman Nader Naini, with his experience in private equity and technology, will be responsible for the identification and negotiation of the business combination. "We are excited to have the opportunity to leverage our experience and deep relationships to create a platform for investing in an Education Technology Company with transformative potential," said Mr. Naini in the company's IPO prospectus.

The potential business combination areas where Adit EdTech Acquisition Corp. may focus on are not known. However, the pandemic has increased the usage of EdTech, and it is set to grow in the future as per various industry reports. According to a report by ResearchAndMarket.com, the global EdTech market size is set to reach $404 billion by 2025. Adit EdTech Acquisition Corp. may look to capitalize on the growing industry, and any statement from the management on their future direction may provide a better insight into their focus.

Another factor that could impact the company's future performance is the terms of the business combination. The company's governing documents state that the shareholders will be given the opportunity to redeem their shares for a pro-rata portion of the Trust Account if the company's initial combination is not consummated within the prescribed time frame. Adit EdTech Acquisition Corp. has until July 14, 2023, to complete the initial business combination, which may be further extended if all six one-month extensions allowed under the current certificate of incorporation are approved by the board of directors. The company's shareholders may vote favorably on the proposed initial business combination or unfavorably on its terms, which may affect the company's future performance.

In conclusion, the performance of Adit EdTech Acquisition Corp. is yet to be determined since the company is yet to complete its initial business combination. The company's success will depend on its ability to identify an attractive target business to merge with, which may be influenced by the growing EdTech market. The terms of the business combination, including its structure and valuation, will also be critical in determining the company's future performance. Adit EdTech may release further updates on its progress towards identifying a target business, which investors can use to monitor its future performance.

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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Adit Edtech Acquisition Corp

Adit EdTech Acquisition Corp: Analysis and Outlook for Retail Investors

Form 8-K - Current report - Item 1.01 Item 2.03 Item 3.02 Item 8.01 Item 9.01

Announcement: ADEX 8-K Special Filing

Form 8-K - Current report - Item 3.01 Item 7.01 Item 9.01

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: ADEX SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Form 8-K - Current report - Item 2.03 Item 8.01 Item 9.01