The Bitcoin mining company, Greenidge Generation Holdings Inc, will merge with the Nasdaq-listed Support.com, Inc will merge today. The two companies have announced their plan for mergers before, but the final decision will go active today at the close of trading.
As s result, shares of Greenidge Class A common stock will be traded on The Nasdaq Global Select Market under the ticker symbol “GREE” on September 15, 2021. It’s fantastic news for the mining company that will somehow benefit from being public-traded. It can encourage other mining companies to move on faster.
New Opportunities for the Mining Industry
Bitcoin mining companies are working all over the world with various legal and operational situations. Some of them are still illegal in their operating countries, while others face sanctions and limitations, sometimes even being legally registered. Governments still don’t have clear statements and expectations about mining companies. But in the US and China, the war over mining Bitcoin continues.
The governments sometimes facilitate the situations for Bitcoin mining companies to move ahead in the competition. Some of the companies in the US are even public companies now. The latest company to have the opportunity to be traded on a public market is Greenidge. The firm’s shares will be traded on Nasdaq from tomorrow.
Greenidge will merge with Support.com Inc today. The merge will happen with some stock exchanges between the companies. According to today’s announcement, the companies cleared the situation of exchanges, too:
“Subject to the terms and conditions of the merger agreement, at the effective time of the merger, each share of Support.com, Inc. common stock issued and outstanding immediately prior to the effective time will be canceled and extinguished and automatically converted into the right to receive 0.115 shares of Greenidge Class A common stock, plus cash in lieu of any fractional shares of Greenidge Class A common stock resulting from such calculation.”
The new merger means a lot for Support.com Inc. The company has been active in the technical support section for years. It’s known for the solutions that are specifically designed and optimized for the homesourcing™ environment. The new merger helps the company move to the newer sectors and have a share from the innovative mining industry.
Greenidge Generation Holdings Inc, the Bitcoin mining and power generation company, can grow faster with the help of new trading opportunities on Nasdaq. The company is committed to 100% carbon-neutral Bitcoin mining. It can be an advantage point and attract more traders even among those who are worried about environmental issues of Bitcoin mining. We should wait and see what happens to the GREE ticker in the coming days on Nasdaq.