Greenidge Generation Holdings Inc. expects to become listed on the Nasdaq through a merger with Support.com Inc., according to a report.
- The companies inked a definitive agreement to merge in a stock-for-stock transaction that will make Support.com a wholly-owned subsidiary of Greenidge. The transaction is subject to shareholder approval of Support.com and expected to close in the third quarter of 2021.
- Greenidge Holdings includes Greenidge Generation LLC, a vertically integrated bitcoin mining and power generation facility in Upstate New York. It expects to be the only U.S. public company operating a vertically integrated power generation asset.
- Greenidge sees EBITDA in excess of $50 million this year, and a run rate in excess of $160 million of EBITDA by the fourth quarter of 2022. It plans to replicate its vertically integrated mining model at other power sites, and expects to achieve 500 megawatts of mining capacity by 2025.
- Support.com will provide some $33 million of additional cash to Greenidge. The combined companies currently have over $70 million of net cash.
- Once completed, Support.com stockholders and optionholders will own some 8% of the combined company’s common stock. Greenidge shareholders will own the remaining 92%.