The company also plans to list on the NASDAQ on Wednesday.
Bitcoin miner Greenidge Generation Holdings is set to complete a merger with technical support firm Support.com today, according to a Securities and Exchange Commission filing. The hybrid Bitcoin-mining and power-generation company and NASDAQ-listed Support.com first disclosed merger discussions in March. The transaction is structured as a stock-for-stock exchange and is expected to close in the third quarter.
Both companies aim to finalize the merger before the market close, after which Support.com will effectively become a subsidiary of Greenidge. Upon completion, Greenidge’s Class A common shares will be listed on the NASDAQ and will trade under the ticker symbol “GREE” starting Wednesday, September 15.
In confirming the share-exchange terms, the companies said: “Subject to the conditions of the merger agreement […], each issued and outstanding share of Support.com, Inc. immediately prior to the effective time of the agreement will be canceled and automatically converted into the right to receive 0.115 shares of Greenidge’s Class A common stock, with cash paid in lieu of any fractional share of Greenidge Class A common stock resulting from this calculation.”
Support.com will also provide $33 million in cash to Greenidge as part of the transaction, according to initial SEC filings.
“Support.com, Inc. is expected to provide Greenidge with an additional estimated $33 million in cash. Pro forma for the merger, the combined companies will have more than $70 million of net cash on hand.”
Greenidge Chief Executive Jeff Kirt described the deal as both advantageous and strategically important for the company.
“This merger is the next important step for Greenidge as we build on our existing, integrated, and proven platform for Bitcoin mining and the production of affordable, low-carbon energy.”
Kirt will remain at the helm and serve as chief executive of the combined company after the merger. Lance Rosenzweig, chairman of Support.com, will continue as chief executive of the subsidiary.
Greenidge has reiterated its commitment to becoming 100% carbon neutral for its Bitcoin operations. In May, the company announced plans to purchase carbon offsets to achieve carbon neutrality beginning in the second half of the year. The miner has also pledged to reinvest a portion of its profits into renewable energy initiatives and related projects.