The company also plans to go public via a NASDAQ listing on Wednesday.
Bitcoin miner Greenidge Generation Holdings is set to close a merger with tech support company Support.com today, according to a document of the Securities and Exchange Commission. The hybrid Bitcoin mining and power generation company and NASDAQ-listed Support.com first presented the merger talks in March. This would be a share swap transaction that would be completed in the third quarter.
The companies hope to finalize the merger deal before trading closes, after which Support.com will effectively become an affiliate extension of Greenidge. Following the completion of the merger, the Class A common shares of Greenidge will be listed on the NASDAQ. They will be traded under the ticker “GREE” from Wednesday September 15th.
The two companies confirmed the exchange ratio for the exchange of the individual shares. A section of the press release states: “Subject to the conditions of the merger agreement […], each Support.com, Inc. common share issued and outstanding immediately prior to the entry into force of the agreement will be canceled and automatically converted into a right to receive 0.115 Class A common share of Greenidge, plus cash instead. any fractional Class A common share of Greenidge resulting from this calculation. “
The customer and tech support solutions company will give Greenidge $ 33 million in cash as part of the deal, say early documents of the SEC.
“Support.com, Inc. is expected to provide Greenidge with an additional estimated $ 33 million in cash. Pro forma for the merger, the combined companies currently have more than $ 70 million in net cash. “
Jeff Kirt, Managing Director of Greenidge, described the transaction as both beneficial and crucial for the company.
“This merger is an important next step for Greenidge, as we build on our existing, integrated and proven platform for mining Bitcoin and producing affordable low-carbon energy. “
Kirt will remain at the helm and serve as the overall head of the resulting company after the merger. Support.com president Lance Rosenzweig will continue to serve as branch general manager.
Greenidge appears determined to achieve its goal of 100% carbon neutral Bitcoin. In May, the company promised to buy carbon offsets with the aim of becoming carbon neutral from the second half of the year. The mining company also published a press release in which it undertakes to reallocate and channel part of its profits into missions related to renewable energies.
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