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The merger is scheduled to come through as of market close on Sept. 14 as Greenidge sets to begin trading on the NASDAQ the net day. However, Bitcoin mining company Greenidge will complete a merger with customer and technical support solutions provider Support.com.
This will make them become the latest publicly listed mining firm.
Furthermore, Once the merger transaction finishes, Support.com Inc. will become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. Meanwhile, The new entity’s Class A shares will begin trading under the ticker GREE.
The announcement published by the SEC, the merger will become effective by market close the next day. Additionally, The merger, settled as a stock-for-stock transaction, will see each share in Support.com Inc. automatically converted into the right for its bearer to receive 0.115 Class A Greenidge shares.
Greenidge CEO, Jeff Kirt explains further
“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 First Announcement was made in March 22, stating that Support.com will provide Greenidge with $33 million in additional cash.
“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,”
said Support.com’s president and CEO, Lance Rosenzweig.
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Also, At the completion of merger, Kirt will lead the company as CEO. While, Rosenzweig remains the CEO of the existing Support.com business.
Meanwhile, It will continue operating in the ordinary course as a solely-owned subsidiary of Greenidge.
Greenidge Bitcoin Mining Commitment
Lastly, Greenidge expresses commitment in becoming a 100% carbon-neutral Bitcoin mining operation. For Instance, The company purchased a voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.
The firm plan utilizing low-carbon sources of energy at its facility in Upstate New York. Furthermore, offset the carbon footprint of its new South Carolina plant by getting electricity at zero-carbon.