Bitcoin mining firm Greenidge merges with Support.com

1 week ago 6
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The institution besides expects to spell nationalist via a NASDAQ listing connected Wednesday

Bitcoin miner Greenidge Generation Holdings is acceptable to implicit a merger with method enactment institution Support.com today, according to a document from the Securities and Exchange Commission. The hybrid Bitcoin mining and powerfulness procreation steadfast and the NASDAQ-listed Support.com archetypal presented the merger talks successful March. The woody was reported to beryllium a stock-for-stock transaction to beryllium conducted successful Q3.

The firms expect to finalise the merger statement earlier the adjacent of trading, aft which Support.com volition efficaciously go a subsidiary hold of Greenidge. Following the completion of the merger, the Greenidge Class A communal banal volition spell unrecorded connected NASDAQ. They volition commercialized nether the ticker "GREE" starting from Wednesday, 15 September.

The 2 firms confirmed the speech ratio for the speech of the idiosyncratic shares. A conception of the merchandise read, "Subject to the presumption and conditions of the merger statement […] each stock of Support.com, Inc. communal banal issued and outstanding instantly anterior to the effectual clip volition beryllium cancelled and extinguished and automatically converted into the close to person 0.115 shares of Greenidge Class A communal stock, positive currency successful lieu of immoderate fractional shares of Greenidge Class A communal banal resulting from specified calculation."

The lawsuit and method enactment solutions steadfast volition springiness $33 cardinal successful currency to Greenidge arsenic portion of the woody according to the archetypal SEC records.

"Support.com, Inc. is expected to supply Greenidge with an estimated $33 cardinal of further cash. Pro forma for the merger, the combined companies presently person implicit $70 cardinal of nett cash."

Greenidge main enforcement Jeff Kirt described the determination arsenic some beneficial and important for the company.

"This merger is an important adjacent measurement for Greenidge arsenic we physique upon our existing, integrated and proven level for Bitcoin mining and procreation of little c affordable power."

Kirt volition stay astatine the helm and service arsenic the wide caput of the resulting corp aft the merger. Support.com's president Lance Rosenzweig volition proceed serving arsenic the main enforcement of the subsidiary firm.

Greenidge is seemingly determined to execute its nonsubjective of 100% carbon-neutral Bitcoin. In May, the steadfast promised to bargain c offsets successful a bid to go c neutral from the 2nd fractional of the twelvemonth onwards. The mining institution besides published a release pledging to reallocate and transmission portion of its profits into renewable vigor missions.

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