Carbon Neutral Bitcoin Miner Greenidge Making its Nasdaq Debut
Within this day, Bitcoin mining company Greenidge is about to finalize a merger with customer and technical support solutions provider Support.com. Following the completion of the transaction, it will become the latest publicly listed mining firm, with the new entity’s Class A shares trading on Nasdaq under the ticker GREE.
In a September 13 announcement published by the SEC, the merger will become effective by market close of today, September 14. Support.com Inc. will become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. The acquisition, settled as a stock-for-stock transaction, will have Support.com Inc shares automatically converted into the right for its bearer to receive 0.115 Class A Greenidge shares.
Jeff Kirt, Chief Executive Officer of Greenidge, stated:
“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.”
The merger has been in the works for a long time. On March 22, a first announcement on the upcoming merger was made. The joining of forces will see Support.com bringing the combination $33 million in additional cash.
Support.com’s president and Chief Executive Officer, Lance Rosenzweig said:
“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.”
It is confirmed that Kirt will lead this winning combination as CEO. Rosenzweig, will keep his position as CEO of the existing Support.com subsidiary.
In May this year, Greenidge committed to becoming a 100% carbon-neutral Bitcoin mining operation. The New York based miner said that it will offset all greenhouse gas emissions from mining through a portfolio of fully accredited offset credits this summer.
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Author: Peter Siu