It is expected by the merger to push through as of market closes on Sept. 14, with Greenidge slated to commence the trading on the NASDAQ the following day.
Bitcoin mining and power generation company Greenidge is estimated to complete a merger with the customer and technical support solutions provider Support.com to become the latest publicly listed mining firm.
If the merger transaction is finished, then Support.com Inc. will become a completely-owned subsidiary of Greenidge Generation Holdings Inc. And under the ticker GREE, the new entity’s Class A shares will trade.
According to a 13 September announcement published by the SEC, the merger is assumed to become productive by market close the following day. The merger, settled as a stock-for-stock deal, can see each share in Support.com Inc. automatically turned into the right for its carrier to receive 0.115 Class A Greenidge shares. Jeff Kirt Chief Executive Officer of Greenidge said the merger is a significant step for Greenidge as they build upon their existing, integrated, and proven stage for Bitcoin mining and generation of lower-carbon affordable power.
According to a 22nd March statement that the planned merger was first announced, and Support.com will also grant Greenidge $33 million in additional funds.
Lance Rosenzweig, the President, and CEO of Support.com said the transaction will build upon Greenidge’s successful company by providing them with additional cash and a public currency to fund their growth plans, as well as important new skills including security software, customer interface, and privacy expertise.
Upon completion of the merger, Kirt will manage the combined company as CEO. Lance Rosenzweig will continue in his position as Chief Executive Officer of the Support.com business, which will remain to operate in the ordinary course as a wholly-owned subsidiary of Greenidge.
Greenidge committed to becoming a 100% carbon-neutral Bitcoin mining process by purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.
The company also intends to use 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.