United States, March 23, 2021 /AlexaBlockchain/ – Greenidge Generation Holdings Inc., a holding company that includes Greenidge Generation LLC, a vertically integrated bitcoin mining and power generation facility in Upstate New York, is planning to become a Nasdaq listed company through a merger with Support.com (Nasdaq: SPRT).
- Bitcoin Miner Greenidge Generation Holdings Inc. and Support.com, Inc. (Nasdaq: SPRT) Announce Merger Agreement
- Greenidge expects to be the first publicly traded bitcoin mining company with a wholly-owned power plant
- Greenidge expects to achieve calendar year 2021 EBITDA in excess of $50 million and a run rate in excess of $160 million of EBITDA by Q4 20221
- Hashrate of 1.1 exahash per second (“EH/s”), which is expected to grow to 2.6 EH/s in 20222
- Based on its current buildout and expansion expectations, Greenidge expects to have at least 500 megawatts (“MW”) of mining capacity by 2025, compared to 19 MW today
- Support.com, Inc. is expected to provide Greenidge with an estimated $33 million of additional cash. Pro forma for the merger, the combined companies currently have over $70 million of net cash
- Upon completion of merger, Support.com stockholders and optionholders will collectively own approximately 8% of the combined company’s common stock and Greenidge stockholders will own approximately 92%
- The merger is expected to close in Q3 2021