Greenidge, a Bitcoin mining and power generating firm, is partnering with customer and tech support solutions provider Support.com to become the industry’s first publicly listed mining company.
After the merger transaction is finalized, Support.com Inc. will become a wholly-owned Greenidge Generation Holdings Inc subsidiary. The Class A shares of the new business will be designated by the symbol GREE.
The merger is anticipated to become successful by market close the following day, according to a September 13 SEC announcement.
The merger, which will be completed on a stock-for-stock basis, will automatically switch each share of Support.com Inc. into the right for its bearer to receive 0.115 Class A Greenidge shares.
Support.com will also provide Greenidge with $33 million in additional cash, according to a March 22 statement that first announced the planned merger.
Greenidge announced in July that it would become a carbon-neutral Bitcoin mining operation by purchasing voluntary carbon offsets from a portfolio of US greenhouse gas reduction projects.
The company also intends to use low-carbon energy sources at its Upstate Planned York operation and to offset the carbon footprint of its new South Carolina factory by getting power from zero-carbon sources.