Greenidge Generation closes merger with Support.com
World's first publicly traded, vertically integrated, 100% carbon neutral bitcoin mining company
DRESDEN – Greenidge Generation Holdings Inc., the bitcoin mining and power generation company in the Town of Torrey, recently announced that it has closed its previously reported merger with Support.com Inc. to become the first publicly traded, vertically integrated bitcoin mining company in the world.
Greenidge's Class A Common Stock was expected to commence trading the morning of Sept. 15 on the NASDAQ Global Select Market (“NASDAQ”) under the ticker ”GREE.” Support.com (formerly NASDAQ: SPRT) will continue to operate its existing lines of business as a wholly owned subsidiary of Greenidge. The combined company will be led by Greenidge Chief Executive Officer Jeff Kirt.
“The completion of this transaction marks a critical milestone in our journey, expanding our industry leadership as the first publicly traded, vertically integrated power generation and bitcoin miner of scale in North America,” Kirt said. “We are poised to create significant value by combining public market growth capital with our 100% carbon-neutral bitcoin mining business model as we expand our operations to additional locations, including our anticipated South Carolina facility.”
As previously announced, the exchange ratio for the merger has been determined. Support.com shareholders will receive 0.115 shares of Greenidge Class A Common Stock for each share of Support.com Common Stock held prior to closing. A Form 8-K containing more detailed information regarding the merger transaction will be filed with the Securities and Exchange Commission.