Bitcoin mining and power generation company Greenidge will complete a merger with customer and technical support solutions provider Support.com to become the newest publicly traded mining company.
Once the merger transaction is complete, Support.com Inc. will become a wholly owned subsidiary of Greenidge Generation Holdings Inc. The new company’s Class A shares will trade under the ticker GREE.
According to an announcement released by the SEC on September 13, the merger is expected to take effect the next day at close of business. Through the merger, which will be conducted as a stock transaction, each Support.com Inc. share will automatically be converted into the right for its holder to receive 0.115 Greenidge Class A shares. Jeff Kirt, CEO of Greenidge, said:
“This merger is an important next step for Greenidge as we build on our existing, integrated and proven platform for mining bitcoin and generating affordable, lower-carbon electricity.”
Support.com will also provide $ 33 million in additional cash to Greenidge, according to a March 22 statement first announcing the proposed merger.
“This transaction will build on Greenidge’s successful business by providing them with additional cash and public currency to fund their growth plans, as well as important new features such as customer interfaces, security software and privacy expertise,” said Support.com President and CEO Lance Rosenzweig .
Upon completion of the merger, Kirt will lead the combined company as CEO. Rosenzweig, will remain in his position as CEO of the existing Support.com business, which will operate as a wholly owned subsidiary of Greenidge in the normal course of business.
Related: The crypto miner Argo Blockchain becomes “climate positive” in terms of greenhouse gas emissions
In July, Greenidge announced its commitment to become a 100% carbon neutral Bitcoin mining operation by purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.
The company also plans to use low-carbon energy sources at its Upstate New York facility and to offset the carbon footprint of its new South Carolina facility by sourcing electricity from carbon-free sources.