DRESDEN, N.Y., Sept. 14, 2021 /PRNewswire/ -- Greenidge
Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge" or the
"Company"), a vertically integrated bitcoin mining and power
generation company, has closed its previously announced merger with
Support.com, Inc. ("Support.com") (formerly NASDAQ: SPRT).
Greenidge expects its Class A Common Stock to commence trading
tomorrow morning on the NASDAQ Global Select Market ("NASDAQ")
under the ticker "GREE." Support.com will continue to operate
its existing lines of business as a wholly owned subsidiary of
Greenidge. The combined company will be led by Greenidge Chief
Executive Officer Jeff Kirt.
"The completion of this transaction marks a critical milestone
in our journey, expanding our industry leadership as the first
publicly traded, vertically integrated power generation and bitcoin
miner of scale in North America,"
Kirt said. "We are poised to create significant value by combining
public market growth capital with our 100% carbon-neutral bitcoin
mining business model as we expand our operations to additional
locations, including our anticipated South Carolina facility."
As previously announced, the exchange ratio for the merger has
been determined and Support.com shareholders will receive 0.115
shares of Greenidge Class A Common Stock for each share of
Support.com Common Stock held prior to closing.
A Form 8-K containing more detailed information regarding the
merger transaction will be filed with the Securities and Exchange
Commission.
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About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. is a vertically integrated
bitcoin mining and power generation company. Greenidge is committed
to 100% carbon-neutral bitcoin mining at all of its locations by
utilizing low-carbon sources of energy and offsetting its carbon
footprint. Greenidge currently operates one facility in Upstate New
York and expects to expand operations to a second location in
South Carolina in the upcoming
months, which will source the majority of its electricity from
zero-carbon sources.
About Support.com, Inc.
Support.com, Inc. is a leading provider of customer and
technical support solutions delivered by home-based employees. For
more than twenty years, Support.com has achieved stellar results
for global enterprise clients and top-tier businesses.
Support.com's proven, omnichannel solutions have been specifically
designed and optimized for the homesourcing™ environment, resulting
in industry-leading NPS scores and first call resolution rates.
Support.com efficiently meets changing client needs through its
highly scalable, global network of home-based employees and secure,
proprietary, cloud-based platforms. For more information, please
visit www.support.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
are forward-looking statements for purposes of federal and state
securities laws. These forward-looking statements involve
uncertainties that could significantly affect our financial or
operating results. These forward-looking statements may be
identified by terms such as "anticipate," "believe," "continue,"
"foresee," "expect," "intend," "plan," "may," "will," "will,"
"could," and "should," and the negative of these terms or
other similar expressions. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance.
Forward-looking statements in this document include, among other
things, statements regarding the prospects, development, business
plan, business strategy and operations of Greenidge in the future.
Forward-looking statements contained in this press release include,
but are not limited to, statements concerning the current and
future build out and acquisition plans of Greenidge.
Forward-looking statements are subject to a number of risks,
uncertainties and assumptions. Matters and factors that could cause
actual results to differ materially from those expressed or implied
in such forward-looking statements include but are not limited to
the matters and factors described in Greenidge's Risk Factors set
forth in its filings with the Securities and Exchange Commission,
as well as statements about or relating to or otherwise affected
by: (i) the ability to recognize the anticipated objectives and
benefits, including the anticipated tax treatment, of the
acquisition of Support; (ii) changes in applicable laws,
regulations or permits affecting Greenidge's operations or the
industries in which it operates, including regulation regarding
power generation, cryptocurrency usage and/or cryptocurrency
mining; (iii) any failure to obtain adequate financing on a timely
basis and on acceptable terms with regard to growth strategies or
operations; (iv) fluctuations in the market pricing of bitcoin and
other cryptocurrencies; (v) loss of public confidence in, or use
cases of, bitcoin and other cryptocurrencies; (vi) the potential of
cybercrime, money laundering, malware infections and phishing, and
the costs associated with such issues; (vii) the potential of
cryptocurrency market manipulation; (viii) the economics of mining
cryptocurrency, including as to variables or factors affecting the
cost, efficiency and profitability of mining; (ix) the
availability, delivery schedule and cost of equipment necessary to
maintain and grow the business and operations of Greenidge,
including mining equipment and equipment meeting the technical or
other specifications required to achieve our growth strategy, (x)
the possibility that Greenidge may be adversely affected by other
economic, business or competitive factors, including factors
affecting the industries in which it operates or upon which it
relies and is dependent; (xi) the ability to expand successfully to
other facilities, mine other cryptocurrencies or otherwise expand
the business; (xii) changes in tax regulations applicable to us,
our assets or cryptocurrencies, including bitcoin; (xiii) any
litigation involving Greenidge; (xiv) costs and expenses relating
to cryptocurrency transaction fees and fluctuation in
cryptocurrency transaction fees; (xv) the condition of our physical
assets, including that Greenidge's single operating facility may
realize material, if not total, loss and interference as a result
of equipment malfunction or break-down, physical disaster, data
security breach, computer malfunction or sabotage; (xvi) other
risks and uncertainties related to the business plan, business
strategy, acquisition strategy and buildout strategy of Greenidge;
(xvii)the potential economic fallout resulting from the COVID-19
outbreak. No assurance can be given that these are all of the
factors that could cause actual results to vary materially from the
forward-looking statements in this press release. The actual
results, performance, or achievements of Greenidge could differ
materially from the results expressed in, or implied by, any
forward-looking statements. All forward-looking statements speak
only as of the date of this press release and Greenidge does not
assume any duty to update or revise any forward-looking statements
included in this press release, whether as a result of new
information, the occurrence of future events, changes in
assumptions or otherwise, after the date of this press release.
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SOURCE Greenidge Generation Holdings Inc.