Greenidge, a Bitcoin mining and power generation company is poised to merge with Support.com, a provider of customer technical support solutions.
Upon completion, Support.com Inc. will become a wholly owned subsidiary of Greenidge Generation Holdings Inc. The new entity’s Class A shares will trade under the ticker GREE.
According to a announcement of September 13 published by the SEC, the merger is expected to take effect by the close of the market the following day. The merger, settled as a stock-for-stock transaction, will see each share of Support.com Inc. automatically converted into the right for its holder to receive 0.115 Class A Greenidge shares. Greenidge CEO Jeff Kirt said:
“This merger is a major step forward for Greenidge as we develop on our integrated and proven platform for Bitcoin mining and generate low-carbon energy.”
According to the first declaration As of March 22 about the planned merger, Support.com will also provide Greenidge with $ 33 million.
“This transaction will provide Greenidge with additional funding and a public currency to fund their growth plans, as well as important new features including a customer interface, security software and privacy expertise,” said the president of Support.com 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 current business of Support.com, which will continue to operate in ordinary course as a wholly owned subsidiary of Greenidge.
In July, Greenidge announced its commitment to becoming a Bitcoin mining business totally zero emissions purchasing carbon offsets from a portfolio of greenhouse gas reduction projects in the United States.
The company also aims to use low-carbon energy sources at its upstate New York facility and offset the carbon footprint of its new plant in South Carolina by purchasing electricity from zero-carbon sources.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.