First publicly traded, vertically integrated Bitcoin mining company that is 100% climate neutral
DRESDEN, NY, September 14, 2021 / PRNewswire / – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the “Company”), a vertically integrated bitcoin mining and power generation company, has announced its previously announced merger with Support.com, Inc. (” Support.com “) (formerly NASDAQ: SPRT).
Greenidge expects its Class A common stock to trade tomorrow morning on the NASDAQ Global Select Market (“NASDAQ”) under the ticker “GREE”. Support.com will continue to operate its existing businesses as a wholly owned subsidiary of Greenidge. The combined company will be led by Greenidge’s Chief Executive Officer Jeff Kirt.
“The completion of this transaction marks a critical milestone in our journey and expands our industry leadership as the first publicly traded, vertically integrated power generator and large-scale bitcoin miner North America“said Kirt.” We stand ready to create significant value by combining public market growth capital with our 100% climate neutral bitcoin mining business model as we expand our operations to additional locations, including our anticipated ” South carolina Facility.”
As previously announced, the exchange ratio for the merger has been set and Support.com shareholders will receive 0.115 Class A shares of Greenidge for each common share of Support.com held prior to closing.
A Form 8-K detailing the merger transaction information will be filed with the Securities and Exchange Commission.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. is a vertically integrated bitcoin mining and power generation company. Greenidge is committed to 100% carbon neutral bitcoin mining in all of its locations by using low carbon energy sources and offsetting its carbon footprint. Greenidge currently operates a facility in Upstate New York and plans to move to a second location in. to expand South carolina in the coming months, which will get the majority of its electricity from CO2-free sources.
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About Support.com, Inc.
Support.com, Inc. is a leading provider of customer and technical support solutions for home workers. For more than twenty years, Support.com has delivered outstanding results for global enterprise customers and top tier companies. Support.com’s proven omnichannel solutions are specifically designed and optimized for the Homesourcing ™ environment, resulting in industry-leading NPS scores and first call resolution rates. Support.com efficiently meets changing customer needs through its highly scalable, global network of home workers and secure, proprietary, cloud-based platforms. Visit www.support.com for more information.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements that are not historical facts are forward-looking statements within the meaning of federal and state securities laws. These forward-looking statements involve uncertainties that could materially affect our financial or operating results. These forward-looking statements may be identified by terms such as “anticipate”, “believe”, “continue”, “anticipate”, “expect”, “intend”, “plan”, “may”, “will”, “will”, ” , “Could” and “should” and the negation of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this document include, among other things, statements regarding the prospects, development, business plan, business strategy and future operations of Greenidge. Forward-looking statements contained in this press release include, but are not limited to, statements regarding Greenidge’s current and future expansion and acquisition plans. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to, the matters and factors described in Greenidge’s Risk Factors filed in its filings with the Securities and Markets Exchange Commission, as and statements about, relating to, or otherwise influenced by: (i) the ability to recognize the anticipated goals and benefits, including anticipated tax treatment, of acquiring support; (ii) changes in applicable laws, regulations, or permits that affect the operations of Greenidge or the industries in which it operates, including regulations relating to power generation, cryptocurrency use, and / or cryptocurrency mining; (iii) any failure to obtain adequate funding, timely and on acceptable terms, in relation to any growth strategy or operation; (iv) fluctuations in the market prices of Bitcoin and other cryptocurrencies; (v) loss of public confidence in or use cases of bitcoin and other cryptocurrencies; (vi) the potential for cybercrime, money laundering, malware infection and phishing and the costs involved; (vii) the potential for market manipulation of cryptocurrencies; (viii) the economics of mining cryptocurrency, including variables or factors that affect the cost, efficiency and profitability of mining; (ix) the availability, delivery schedule, and cost of the equipment necessary to maintain and grow Greenidge’s business and operations, including mining equipment and equipment that meets the technical or other specifications necessary to achieve our growth strategy (x) the possibility that Greenidge may be adversely affected by other economic, business, or competitive factors, including factors that affect the industries in which it operates, or on which it is dependent and dependent; (xi) the ability to successfully expand to other facilities, mine other cryptocurrencies, or otherwise expand the business; (xii) changes in tax regulations that apply to us, our assets or cryptocurrencies, including Bitcoin; (xiii) litigation with Greenidge; (xiv) costs and expenses related to cryptocurrency transaction fees and fluctuations in cryptocurrency transaction fees; (xv) the condition of our physical assets, including the fact that Greenidge’s sole operating facility could experience significant, if not total, loss and malfunction as a result of equipment malfunction or failure, physical disaster, data breach, computer malfunction or sabotage; (xvi) other risks and uncertainties related to Greenidge’s business plan, business strategy, acquisition strategy and expansion strategy; (xvii) the potential economic consequences of the COVID-19 outbreak. There can be no assurance that these are all factors that could cause actual results to differ materially from the forward-looking statements in this press release. Actual results, performance or accomplishments of Greenidge could differ materially from those expressed or implied in any forward-looking statements. All forward-looking statements speak only as of the date of this press release, and Greenidge assumes no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information or future events, changes in assumptions or otherwise, after the date of this Press release.
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SOURCE Greenidge Generation Holdings Inc.