Bitcoin miner Greenidge set for Nasdaq itemizing by way of merger
Bitcoin mining and energy era firm Greenidge is ready to finish a merger with buyer and technical assist options supplier Support.com to change into the newest publicly listed mining agency.
Once the merger transaction is full, Support.com Inc. will change into a wholly-owned subsidiary of Greenidge Generation Holdings Inc. The new entity’s Class A shares will commerce below the ticker GREE.
According to a Sept. 13 announcement printed by the SEC, the merger is anticipated to change into efficient by market shut the next day. The merger, settled as a stock-for-stock transaction, will see every share in Support.com Inc. robotically transformed into the correct for its bearer to obtain 0.115 Class A Greenidge shares. Greenidge CEO, Jeff Kirt, acknowledged:
“This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power.”
According to a March 22 assertion that first announced the deliberate merger, Support.com can even present Greenidge with $33 million in more money.
“This transaction will build upon Greenidge’s successful business by providing them with additional cash funding and a public currency to fund their growth plans, as well as important new capabilities including customer interface, security software, and privacy expertise,” said Support.com’s president and CEO, Lance Rosenzweig.
Upon completion of the merger, Kirt will lead the combined company as CEO. Rosenzweig, will remain in his position as CEO of the existing Support.com business, which will continue to operate in the ordinary course as a wholly-owned subsidiary of Greenidge.
Related: Crypto miner Argo Blockchain goes ‘climate positive’ on greenhouse gas emissions
In July, Greenidge announced its commitment to become a 100% carbon-neutral Bitcoin mining operation by purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.
The firm also aims to utilize low-carbon sources of energy at its facility in Upstate New York, and offset the carbon footprint of its new South Carolina plant by sourcing electricity from zero-carbon sources.