Greenidge firm planned to go public by listing on Nasdaq. Before going public, Greenidge will merge Support.com as a subsidiary entity.
Greenidge is a Bitcoin mining and power generation company. Support.com is a customer and technical support solutions provider firm. Now both of these will merge and follow the Nasdaq list.
According to an announcement, published on the SEC, on 13 September Greenidge and Supprt.com will merge. And the deal of merge will settle in the stock-for-stock transaction. On the 14 September, that means today, when the market will close then Support.com Inc firm’s ownership will automatically go to Greenidge company.
So today, Support.com will change into a fully owned subsidiary of Greenidge firm.
Jeff Kirt, CEO of Greenidge, stated on this merger
“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.”
Here this merger announcement shouldn’t be considered as an instant decision, because already these firms confirmed on 22 March, that they will merge. Under this deal, Support.com will also give Greenidge $33 million cash.
Lance Rosenzweig, CEO and president of Support.com, stated
“This transaction will build upon Greenidge’s successful business by providing them with additional cash funding and a public currency to fund their growth plans, as well as important new capabilities including customer interface, security software, and privacy expertise”