Greenidge Aims To Raised Up To $22.8 Million

According to US Securities and Exchange Commission (SEC), Crypto mining and blockchain service, Greenidge Generation is seeking to increase capital by up to $22.8 million.

This firm has closed the agreement with investment bank B. Riley for an at-the-market offering for Class A common stock for 5% of gross profit.

“We currently plan to use the net proceeds from this offering, after deducting B. Riley’s commissions and offering expenses payable by us, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness at the time, and funding acquisitions, capital expenditures, and working capital,” Greenidge statement showed. 

After suffering from second-quarter net losses of $107.9 million in August, Greenidge Generation changed its plan to operate in South Carolina and New York, instead of Texas.

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