The Greenidge Bitcoin miner is set for a NASDAQ listing thanks to a new merger that is expected to push through as the market is close today so let’s read more in today’s cryptocurrency news.
The power generation company Greenidge bitcoin miner is set to complete a merger with customer and technical support solutions provider Support.com in order to become the latest publicly listed mining company. Once the merger is complete. Support.com will be a fully owned subsidiary of Greenidge Generation Holdings with the new Class A shares being traded under the ticker GREE.
As per the recent announcement published by the SEC, the merger is expected to become effective by market close the next day. The merger is settled as a stock for the stock transaction and will see each share in Support.com getting converted automatically into the right for its beer to receive 0.115 Class A shares as the CEO Jeff Kirt 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.”
As per the new statement first announcing the planned merger, Support.com will provide Greenidge with $33 million in additional cash as the CEO Lance Rosenzweig said:
“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.”
Upon the completion of the merger, Kirt will lead the combined company as CEO and Rosenzweig will remain in his position as a CEO of the current Support. comb business that will continue to operate in the regular course as a wholly-owned subsidiary of the company. Greenidge also announced a commitment to become a 100% carbon-neutral BTC mining operation by purchasing voluntary carbon offsets from a US greenhouse gas reduction portfolio project. The company also aims to utilize low carbon sources of energy at its facility and offset the carbon footprint of its new South Carolina plant by sourcing electricity from zero-carbon sources.
Speaking of NASDAQ, Core scientific mining company will go public on Nasdaq through a merger with Power and Digital Infrastructure Acquisition Corp-SPAC. Core Scientific is another crypto-focused company that showed aspirations to go public via a merger with SPAC. The company is a digital asset mining firm that aims to become the next company in the crypto space to be publicly traded at a $4.3 billion evaluation and instead of an IPO, the company will merge with a SPAC called Power and digital Infrastructure Acquisition corp.
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