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 September 13 announcement released by the SEC, the merger is expected to take effect by the close of the market the next 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 March 22 statement 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.
Related: Argo Blockchain Crypto Miner Becomes “Climate Adequate”
In July, Greenidge announced its commitment to become a totally carbon-neutral Bitcoin mining business by 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 South Carolina plant by purchasing electricity from zero-carbon sources. .