Greenidge Generation and Support.com have announced a merger which is expected to close by Q3 2021. Upon completion, stockholders of Support.com will collectively own approximately 8%, and the Greenidge holders will own 92% of the combined company’s common stock. Support.com, Inc. will also provide an adjunct Pro forma including an estimated $33 million of cash.
With the merger, Greenidge is hopeful of becoming a NASDAQ listed company. Greenidge is a Bitcoin mining company, possessing its own power plant, has announced its amalgamation with Support.com, a leading service in providing customer and technical support solutions by home-based employees.
Greenidge’s CEO Jeff Kirt said:
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 transaction is a validation of our transformational journey, our proprietary relationships and our industry expertise. It will allow for public market growth capital to propel Greenidge as we look to replicate the business model, which we have successfully executed in Upstate New York, in other locations. With our proven track record and investment both from funds sponsored and managed by Atlas Holdings LLC and major institutional investors, Greenidge is uniquely positioned to capitalize on future growth opportunities.
The business model of Greenidge provides a competitive edge to its peers, as it operates without relying on third-party power supply firms, and shares low fixed costs between its power generation and bitcoin mining operations.
Lance Rosenzweig, President, and CEO of Support.com said:
We are extremely pleased to have reached this agreement to merge with Greenidge. 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. As Greenidge looks to scale and seize new opportunities for growth, we are their ideal partner. In addition, the transaction represents a significant value proposition for our shareholders by providing them with enhanced liquidity and the opportunity to participate in the growth of what we believe will be a successful competitor in the rapidly evolving domestic bitcoin mining space.