As per the latest reports, a power generation and mainly, a Bitcoin mining company is planning to proceed with a public listing. The name of the particular platform is Greenidge, which is one of the largest mining platforms for Bitcoin (BTC) in the United States.
The firm has announced that it is planning to undergo a merger with Support.com. Support.com is a major support solutions provider for customer and technical queries. Following the merger with Support.com Greenidge would become the latest cryptocurrency mining firm to be publicly listed.
Greenidge has revealed that it is currently undergoing terms for the merger with Support.com Inc. The first phase of the merger has already taken place between the couple. Now, the only thing remaining is the transaction that is pending to cement the merger between the companies.
It has been revealed that Greenidge Generation Holdings Inc. is the one going for the merger. Once the transaction is taken care of, Greenidge will have Support.com exist as one of its subsidiaries. The company has announced that following the merger, it will proceed further in launching its shares through the stock exchange with ticket “GREE”.
This information has also been authenticated by the Securities and Exchange Commission of the United States. The SEC revealed that Greenidge Generation Holdings Inc. provided details on the matter through its latest filing.
The SEC reported on the matter on September 13, 2021, where it revealed that the Greenidge merger is set to be finalized by the end of this week.
It has been confirmed that no fiat transaction will be taking place for the particular merger. Instead, the transactions will be settled in the form of a stock-for-stock deal. In this case, the stocks/shares of Support.com will be converted to the stocks/shares for Greenidge.
The Greenidge Generation Holdings Inc. has also made a statement in regards to the matter. According to the Bitcoin mining company, it is one of the most crucial steps they have taken for the development and growth of their business.
Although the world is fully acquainted and aware of the cryptocurrency trading sector, the cryptocurrency mining sector is yet to be fully explored. The sector needs the support of investors and more firms aiming to mine cryptocurrencies. This would ensure that more cryptocurrency volumes come out in the market. This would allow the cryptocurrency mining sector to gain a lot of public attention and adoption.
It was back on March 22, 2021, when Greenidge had first made an official statement regarding a merger taking place between the two firms. At that time, Greenidge had announced that apart from going for the stock-for-stock transaction, it will be providing additional cash in the form of $33 million.