Greenidge Bitcoin Miner Set for NASDAQ listing through consolidation
Bitcoin miner Greenidge will add NASDAQ to the list thanks to a new merger that is expected to kickstart after the market closes today. So let’s read more in today’s crypto news.
Greenidge will complete a merger with customer and technical support solutions provider Support.com to become the newest publicly traded mining company. After the merge is complete. Support.com will be a wholly owned subsidiary of Greenidge Generation Holdings, with the new Class A shares trading under the ticker GREE.
According to the announcement recently released by the SEC, the merger is expected to take effect when the market closes the next day. The merger will be processed as a share for stock trading and each share of Support.com will automatically convert into their beer rights to receive 0.115 Class A shares, as CEO Jeff Kirt stated:
“This merger is an important next step for Greenidge as we build on our existing, integrated and proven platform for Bitcoin mining and low-carbon power generation at a good price.”
According to the new statement, announcing the merger plans for the first time, Support.com will provide $ 33 million in additional cash to Greenidge, CEO Lance Rosenzweig said:
“This transaction will build on Greenidge’s successful business by providing them with additional funds and public currency to fund their growth plans as well as their growth plans. Important new features include customer interfaces, security software and privacy expertise.”
Upon completion of the merger, Kirt will lead the combined company as CEO and Rosenzweig will retain his position as the current support CEO. The strategic business will continue to operate normally as a wholly-owned subsidiary of the company. Greenidge is also committed to becoming a 100% carbon-free BTC mining company by purchasing voluntary carbon offsets from a portfolio project aimed at reducing greenhouse gases in the United States. The company also plans to use low-carbon energy sources at its facility and offset the carbon footprint of its new South Carolina facility by providing electricity from carbon-free sources.
Speaking of NASDAQ, Core science The mining company is listed on the Nasdaq through a merger with Power and Digital Infrastructure Acquisition Corp-SPAC. Core Scientific is another crypto-focused company that has demonstrated its drive to go public through its merger with SPAC. The company is a digital asset mining company aiming to become the next in the publicly traded crypto space with a valuation of $ 4.3 billion. Instead of going public, the company will merge with a SPAC called Power and Digital Infrastructure Acquisition corp.
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