The merge between Support.com and Greenidge mining company, is slated to provide customers technical support solutions, and also become the latest publicly traded mining company. The deal is expected to push through as of market close on Sept. 14.
Support.com Inc. will become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. after the merger is completed. The ticker GREE will be used for the new entity’s Class A shares.
The combination is expected to become effective by market close the following day, according to a Sept. 13 SEC notice. Each share of Support.com Inc. will be automatically converted into the right to receive 0.115 Class A Greenidge shares as part of the merger, which will be settled on a stock-for-stock basis. Jeff Kirt, CEO of Greenidge, stated:
“This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power.”
Support.com will also supply Greenidge with $33 million in additional cash, according to a March 22 statement that first revealed the planned merger.
“This transaction will build on Greenidge’s successful business by providing additional cash funding and a public currency to fund their growth plans, as well as important new capabilities like customer interface, security software, and privacy expertise,” said Lance Rosenzweig, president and CEO of Support.com.
Kirt will take over as CEO of the combined company after the merger is completed. Rosenzweig will stay as CEO of the existing Support.com business, which will continue to operate as a wholly-owned subsidiary of Greenidge in the ordinary course.
Greenidge stated in July that it would purchase voluntary carbon offsets from a portfolio of US greenhouse gas reduction projects to become a carbon-neutral Bitcoin mining company.
In addition, the company intends to use low-carbon energy sources at its Upstate New York factory and offset the carbon footprint of its new South Carolina business by sourcing power from zero-carbon sources.