Greenidge Generation Holdings Inc. and Support.com Inc. said its proposed merger is set to close at 4 p.m. (Tuesday, Sept. 14)
Shares of Greenidge’s Class A common stock will begin trading on the Nasdaq Global Select Market under the ticker symbol GREE on Wednesday morning, Sept. 15.
Upon completion of the deal, Support.com, a tech services company, will become a subsidiary of Greenidge Generation. Each share of Support.com (Nasdaq: SPRT) will be extinguished and automatically converted into the right to receive 0.115 shares of Greenidge Class A shares.
At 1 p.m. Monday, Support.com shares were trading at $20.06. The company had market capital of about $485 million.
Greenidge operates a natural-gas fired power plant in Dresden that provides energy for a rapidly expanding Bitcoin mining operation. It also sells power intermittently on the state electric grid.
The company has been telling potential investors that it intends to expand its energy-intensive Bitcoin mining operations at Dresden and other unnamed sites by more than 10-fold by 2025.
However, state environmental regulators have said the company has not shown how it will comply with the state’s 2019 climate law, which calls for the state to reduce greenhouse gas emissions, which are created by power generation.
Greenidge’s state air permits expired Sept. 6. It has applied to the state Department of Environmental Conservation for renewals. The DEC hasn’t ruled on the case, and the agency has set a virtual public hearing on the mater for Oct. 13.
Peter is a three-time Pulitzer nominated reporter covering environmental issues through his first-of-its-kind digital publication The Water Front. He’s won an array of Associated Press, UPI, and Society of Professional Journalist awards. His reporting on environmental issues continues to be featured in prominent New York publications and is available on FingerLakes1.com through an exclusive content partnership. Have a question or lead? Send it to [email protected].