Markets

Support.com To Merge With Bitcoin Miner Greenidge Generation Holdings

(RTTNews) - Shares of Support.com Inc. (SPRT) gained nearly 5% in extended trading session on top of 230% surge in regular trade. The provider of technical support services and cloud-based software announced a deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc.

Privately-held Greenidge said it expects to be the first publicly traded bitcoin mining company with a wholly-owned power plant. Greenidge expects to achieve calendar year 2021 EBITDA in excess of $50 million and a run rate in excess of $160 million of EBITDA by fourth quarter 2022,

Upon completion of the merger, stockholders and option holders of Support.com will collectively own around 8% of Greenidge's common stock.

As part of the deal, 210 Capital LLC acquired 3.9 million shares of Support.com in a private placement.

The parties expect that the merger will be completed in third quarter of 2021.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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