Latest news with #Greenidge
Business Wire
5 days ago
- Business
- Business Wire
Greenidge Generation Highlights Recent Business Advancements and Reports Financial and Operating Results for the Second Quarter 2025
PITTSFORD, N.Y.--(BUSINESS WIRE)--Greenidge Generation Holdings Inc. (Nasdaq: GREE) ('Greenidge' or the 'Company'), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the second quarter ended June 30, 2025 and provided an update on the Company's growth prospects. Recent Highlights: Reduced senior unsecured debt due October 2026 to $44.6 million through privately negotiated exchanges and a public tender/exchange offer, representing a 38.2% reduction to date of the original $72.2 million in aggregate principal amount; Announced appointment of Charles M. Zeynel as an independent director, who brings over four decades of global leadership experience and extensive expertise in sustainable materials, carbon removal technologies and mergers and acquisitions to the Company's Board of Directors, complementing the previous additions of Kenneth Fearn and Christopher Krug in April 2025; Improved efficiency of Greenidge's current active miner fleet to 23.6 J/TH; Closed on purchase of 37-acre site in Mississippi, which is expected to provide access to 44 MW of additional low-cost power by July 2026, and announced sale of the existing 7.5MW Mississippi mining facility; Progressing towards the closing of the sale of the Company's South Carolina property, which is scheduled to occur on or before August 25, 2025; Continuing to explore all strategic alternatives to maximize value for all stakeholders including purchasing additional miners to improve fleet efficiency and acquiring additional sites with significant low-cost power capacity; Reported a 99.6% energy availability rate at Dresden power plant in July, demonstrating best-in-class availability performance to serve the electricity needs of New Yorkers during peak demand summer months; and Reported no equity sales under the Company's equity line of credit ('ELOC') during the second quarter with no current plans to utilize the ELOC to sell shares. Second Quarter 2025 Financial Results: Total revenue of $12.9 million; Net loss of $4.1 million; EBITDA loss of $0.2 million; Positive adjusted EBITDA of $0.4 million; Cryptocurrency mining revenue of $4.2 million; Datacenter hosting revenue of $6.0 million; Power and capacity revenue of $2.6 million; and Total bitcoin production of 110 BTC. Greenidge ended the second quarter with $3.4 million of cash, $7.3 million of bitcoin and $58.2 million in aggregate principal amount of senior unsecured debt. Greenidge CEO Jordan Kovler commented: 'With the successful completion of our tender and exchange offer, we have significantly reduced our October 2026 debt obligations by $27.6 million since October 2024, while continuing to secure opportunities to optimize and scale our mining operations. Building on this momentum, we remain focused on aggressively pursuing strategic opportunities to maximize value for all Greenidge stakeholders, including further restructuring of our October 2026 senior unsecured debt at a significant discount to par value.' The Company's current active datacenter operations consist of approximately 3.2 E/Hs of datacenter hosting and cryptocurrency mining, 1.8 E/Hs of which is associated with our datacenter hosting and 1.4 E/Hs of which is associated with our cryptocurrency mining. About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. Forward-Looking Statements This press release includes certain statements that may constitute '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 Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as 'anticipate,' 'believe,' 'continue,' 'foresee,' 'expect,' 'intend,' 'plan,' 'may,' 'will,' 'would,' '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 press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. 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 Part I, Item 1A. 'Risk Factors' of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2024, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. 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. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, 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, unless otherwise required by U.S. federal securities laws, 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, uncertainties or otherwise, after the date of this press release. Use of Non-GAAP Information To provide investors and others with additional information regarding Greenidge's financial results, Greenidge has disclosed in this press release the non-GAAP operating performance measures of Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to, gains or losses from the sales of assets and stock-based compensation. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, Greenidge's results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by Greenidge may be different from non-GAAP financial measures presented by other companies. Specifically, Greenidge believes the non-GAAP information provides useful measures to investors regarding Greenidge's financial performance by excluding certain costs and expenses that Greenidge believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Greenidge compensates for these limitations by relying primarily on its GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis.
Business Wire
18-07-2025
- Business
- Business Wire
Greenidge Generation Announces Expiration and Final Results of Tender/Exchange Offer for Senior Notes Due 2026
PITTSFORD, N.Y.--(BUSINESS WIRE)--Greenidge Generation Holdings Inc. (Nasdaq: GREE) ('Greenidge' or the 'Company'), a vertically integrated cryptocurrency datacenter and power generation company, today announced final results of its previously announced concurrent offers (collectively, the 'Tender/Exchange Offer' or the 'Offer') to exchange or to purchase, at the election of each holder, its outstanding 8.50% Senior Notes due 2026 (the 'Old Notes'), as set forth in the Offer to Purchase/Exchange, dated as of June 17, 2025 (as amended or supplemented from time to time, the 'Offer to Purchase/Exchange'), which trade on the Nasdaq Global Select Market ('Nasdaq') under the symbol 'GREEL.' The Tender/Exchange Offer expired at 12:00 a.m., New York City time, on July 18, 2025 (the 'Expiration Date'). Capitalized terms use herein and otherwise undefined have the meaning ascribed to them in the Offer to Purchase/Exchange. According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, the following aggregate principal amount of the Old Notes set forth in the table below was (i) validly tendered and not properly withdrawn (the 'Tendered Notes') as of 5:00 p.m., New York City time, on July 2, 2025 (the 'Early Tender Date') for cash in an amount equal to $9.00 for each $25.00 principal amount of Old Notes tendered, plus accrued and unpaid interest up to, but not including, the previously announced July 9, 2025 early settlement date (the 'Early Settlement Date'), subject to a $3,204,477 cash payment limit, pursuant to the Tender Option; and (ii) validly tendered and not properly withdrawn (the 'Exchanged Notes') as of the Expiration Date for a new series of 10.00% Senior Notes due 2030 (the 'New Notes'), in an amount equal to $11.00 principal amount of New Notes for each $25.00 principal amount of Old Notes exchanged, plus accrued and unpaid interest up to, but not including, the settlement date pursuant to the Exchange Option: 1 The amounts exclude $36,450 in aggregate principal amount of Old Notes for which holders have complied with certain procedures applicable to guaranteed delivery set forth in the Offer to Purchase/Exchange, which remain subject to such holders' performance of additional delivery requirements thereunder. Expand The Tender/Exchange Offer was made pursuant to the terms and subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase/Exchange. As of the Expiration Date, all conditions to the Tender/Exchange Offer were satisfied or waived. Upon settlement of the Exchange Offer, which is currently expected to occur on July 21, 2025, subject to the acceptance procedures described in the Offer to Purchase/Exchange, holders of Exchanged Notes will receive an aggregate principal amount of New Notes in an amount equal to $11.00 for each Exchanged Note accepted plus accrued and unpaid interest thereon up to, but not including, the settlement date, in addition to a stub payment in cash for any remaining accrued and unpaid interest in an amount less than $11.00 in total. Accordingly, on the settlement date, Greenidge will issue $2,105,213 in aggregate principal amount of New Notes. As the aggregate principal amount of New Notes is less than the minimum offering required for listing on Nasdaq, Greenidge seeks to list the New Notes under the ticker 'GREEN' for trading on the OTC Market's platform. However, as previously disclosed in the Offer to Purchase/Exchange, Greenidge cannot provide any assurances that the New Notes will be tradable or that an active trading market will develop for the New Notes or that holders will be able to sell their New Notes. If the New Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, the Company's credit ratings, general economic conditions, the Company's financial condition, performance and prospects and other factors. Accordingly, Greenidge cannot make any assurances that a liquid trading market for the New Notes will be sustained, that holders will be able to sell their New Notes at a particular time or that the price holders receive when they sell will be favorable. To the extent an active trading market is not sustained, the liquidity and trading price for the New Notes may be harmed. Accordingly, holders may be required to bear the financial risk of an investment in the New Notes for an indefinite period of time. About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. Forward-Looking Statements This press release includes certain statements that may constitute 'forward-looking statements.' 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 Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as 'anticipate,' 'believe,' 'continue,' 'foresee,' 'expect,' 'intend,' 'plan,' 'may,' 'will,' 'would,' '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 press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. 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 Part I, Item 1A. 'Risk Factors' of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2024, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. 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. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements.
Business Wire
18-07-2025
- Business
- Business Wire
Greenidge Generation Announces Expiration and Finals Results of Tender/Exchange Offer for Senior Notes Due 2026
PITTSFORD, N.Y.--(BUSINESS WIRE)--Greenidge Generation Holdings Inc. (Nasdaq: GREE) ('Greenidge' or the 'Company'), a vertically integrated cryptocurrency datacenter and power generation company, today announced final results of its previously announced concurrent offers (collectively, the 'Tender/Exchange Offer' or the 'Offer') to exchange or to purchase, at the election of each holder, its outstanding 8.50% Senior Notes due 2026 (the 'Old Notes'), as set forth in the Offer to Purchase/Exchange, dated as of June 17, 2025 (as amended or supplemented from time to time, the 'Offer to Purchase/Exchange'), which trade on the Nasdaq Global Select Market ('Nasdaq') under the symbol 'GREEL.' The Tender/Exchange Offer expired at 12:00 a.m., New York City time, on July 18, 2025 (the 'Expiration Date'). Capitalized terms use herein and otherwise undefined have the meaning ascribed to them in the Offer to Purchase/Exchange. According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, the following aggregate principal amount of the Old Notes set forth in the table below was (i) validly tendered and not properly withdrawn (the 'Tendered Notes') as of 5:00 p.m., New York City time, on July 2, 2025 (the 'Early Tender Date') for cash in an amount equal to $9.00 for each $25.00 principal amount of Old Notes tendered, plus accrued and unpaid interest up to, but not including, the previously announced July 9, 2025 early settlement date (the 'Early Settlement Date'), subject to a $3,204,477 cash payment limit, pursuant to the Tender Option; and (ii) validly tendered and not properly withdrawn (the 'Exchanged Notes') as of the Expiration Date for a new series of 10.00% Senior Notes due 2030 (the 'New Notes'), in an amount equal to $11.00 principal amount of New Notes for each $25.00 principal amount of Old Notes exchanged, plus accrued and unpaid interest up to, but not including, the settlement date pursuant to the Exchange Option: 1 The amounts exclude $36,450 in aggregate principal amount of Old Notes for which holders have complied with certain procedures applicable to guaranteed delivery set forth in the Offer to Purchase/Exchange, which remain subject to such holders' performance of additional delivery requirements thereunder. Expand The Tender/Exchange Offer was made pursuant to the terms and subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase/Exchange. As of the Expiration Date, all conditions to the Tender/Exchange Offer were satisfied or waived. Upon settlement of the Exchange Offer, which is currently expected to occur on July 21, 2025, subject to the acceptance procedures described in the Offer to Purchase/Exchange, holders of Exchanged Notes will receive an aggregate principal amount of New Notes in an amount equal to $11.00 for each Exchanged Note accepted plus accrued and unpaid interest thereon up to, but not including, the settlement date, in addition to a stub payment in cash for any remaining accrued and unpaid interest in an amount less than $11.00 in total. Accordingly, on the settlement date, Greenidge will issue $2,105,213 in aggregate principal amount of New Notes. As the aggregate principal amount of New Notes is less than the minimum offering required for listing on Nasdaq, Greenidge seeks to list the New Notes under the ticker 'GREEN' for trading on the OTC Market's platform. However, as previously disclosed in the Offer to Purchase/Exchange, Greenidge cannot provide any assurances that the New Notes will be tradable or that an active trading market will develop for the New Notes or that holders will be able to sell their New Notes. If the New Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, the Company's credit ratings, general economic conditions, the Company's financial condition, performance and prospects and other factors. Accordingly, Greenidge cannot make any assurances that a liquid trading market for the New Notes will be sustained, that holders will be able to sell their New Notes at a particular time or that the price holders receive when they sell will be favorable. To the extent an active trading market is not sustained, the liquidity and trading price for the New Notes may be harmed. Accordingly, holders may be required to bear the financial risk of an investment in the New Notes for an indefinite period of time. About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. Forward-Looking Statements This press release includes certain statements that may constitute 'forward-looking statements.' 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 Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as 'anticipate,' 'believe,' 'continue,' 'foresee,' 'expect,' 'intend,' 'plan,' 'may,' 'will,' 'would,' '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 press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. 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 Part I, Item 1A. 'Risk Factors' of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2024, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. 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. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements.
Time of India
17-07-2025
- Entertainment
- Time of India
‘It doesn't matter how entertaining T20s are': Gordon Greenidge on why Tests is the best form of cricket
Gordon Greenidge (TOI Photo) London : It's just before the Lord's Test, and Gordon Greenidge is seen casually mingling with the crowd — comprising mostly of people of Indian origin — during an event at a London hotel. Former India wicketkeeper Syed Kirmani, former England spinner Monty Panesar and former England batter David Lloyd are all present. Greenidge, still looking largely like he did during the 1980s, stands out with his unassuming aura. It doesn't seem too long ago that he tormented bowlers around the world. He is asked if he is going to attend the Lord's Test. 'There are no tickets. Although I'm an MCC member, it's tough to get in these days,' he says, joking. 'I need to run from you. I don't do interviews.' It's a charity event organised by Dr. Samir Pathak, who runs the 'Cricket Beyond Boundaries' initiative. The initiative gives opportunities to promising Indian players to come to England, spend a summer in school and play cricket. India Test cricketer Sarfaraz Khan and Chennai Super Kings' Shaik Rasheed are two prominent names to have benefitted. Moved by the initiative, Greenidge offers to auction his cooking skills. He proposes he will cook a pork dish, some veggies, rice, some chicken and a couple of sides for the highest bidder. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Redefine Your Future with a Top Online MBA SRM Online Enquire Now Undo The bid goes up to £2500. Greenidge will be cooking at the bidder's place. Once the banter with Kirmani and Lloyd is done on the stage, Greenidge is ready for a chat on Test cricket over dinner. He offers a disclaimer. 'I don't watch a lot of cricket now. Some highlights, maybe.' Excerpts from the conversation… There are so many strong opinions about Test cricket. What do you make of the longest format's prospects? I hope Test cricket remains. I hope it doesn't go the route that many are saying — that it is dead or dying. It would be a sad thing to know that Test cricket is going to be no more. I think it's still very much alive. But that's been the talk for 20 years... It hasn't gone anywhere. It's still the best form of cricket. What is happening now is entertainment. It is the entertainment factor that has come back into this game, through the T20 format. Not to say that you're not entertained playing a Test match — of course, that happens too. But because of franchise cricket, people prefer to play the shorter version. And it'll be a sad day when Test cricket is finished. Does that worry you? Unfortunately, there are only two-three countries that are going to get the chance to play five-Test series — teams like India, Australia and England. But you know, I'm still a Test match player. I'll always be a Test match player and I'd always opt to have the Test match on the calendar. It doesn't matter how entertaining T20Is are, I will still want to see the Test match. You talked about entertainment. When you took the cricket field, how did you see your role? Yeah, we were all entertainers. That's the primary thing. And there were times when teams scored just as fluently as in a T20. But no one complained when the tempo of the game slowed down because you have to give the bowlers credit as well. They bowl well sometimes and they get the better of you. Sometimes you have to find a formula to counter-attack what they're doing in order to survive and score runs. And that is the beauty about it. You people were the pioneers of attacking batting. There's been so much spoken about 'Bazball' and aggressive batting styles in Test cricket… Teams are scoring four, four-and-a-half runs per over at times in Test cricket. So, you are telling me that you still would prefer to see a T20 game than what you saw? Tests are over a longer period. I think it's also about how you view your own personal game. For me, it's nice if I'm able to build and formulate an innings because of the situation — whether it's the climate, the bowler or the surface you're playing on. But that is the beauty about the whole thing. You don't know what's coming. You have to be able to produce something in order to cope with all these things that confront you. Do you believe that there's only one way to play Test cricket right now? It's not the only way. But it's not sustainable. Dominant teams like West Indies in our time and then Australia — they all played very aggressive cricket, but it wasn't like how they play the game these days. Today they play the same way they play T20. We may have been aggressive, but not in the same manner as how they play T20 cricket. Poll Do you believe Test cricket is in danger of becoming obsolete? Yes, it's dying out. No, it will always have a place. A player like Rishabh Pant gets a lot of flak for the way he plays Test cricket… If it comes off, great. If it doesn't, I'm sure he and the rest of the team are going to be very disappointed. It's the way he prefers to play and feels more at ease playing. When he came down and hit the guy (Ben Stokes) over the back of his head in a Test match at Headingley, the commentators were shocked. I think he was on naught. It was just amazing the way he plays. Some players are more courageous than others. Do you need to rein them in sometimes? What are you going to do if a guy like that is going to play differently and score runs? I think you'll want to watch him play and watch him play more often. He's not going to do it all the time. There will be times he is going to fail. And I think he knows this as well. Your generation of players went through Kerry Packer's World Series Cricket. There's this debate about franchise cricket taking precedence over international cricket… (Interrupts) It's definitely not the same. When it comes to choosing franchise cricket, I understand that players make millions of dollars playing for less time around the world. That's why you need to have balance in Test cricket around the world. Who's the last cricketer that you watched and you really liked? Virat Kohli. I watched Pant. But I watched the highlights. What is your fondest memory of playing cricket? I liked playing in Adelaide. I mentioned New Zealand. I never played in South Africa. That's unfortunate. I've been in India, I love Bengaluru. Maybe I'd like to go back and visit. Who's the last bowler that you thought would be fun to play? Shane Warne. I never played against him. He intrigued me. What it must have been like facing him! I think he was probably the best spinner ever. Gordon Greenidge stats Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
Business Wire
03-07-2025
- Business
- Business Wire
Greenidge Generation Announces Early Results of Cash Tender Offer and Exchange Offer for Senior Notes Due 2026
PITTSFORD, N.Y.--(BUSINESS WIRE)--Greenidge Generation Holdings Inc. (Nasdaq: GREE) ('Greenidge' or the 'Company'), a vertically integrated cryptocurrency datacenter and power generation company, today announced the early results of its previously announced concurrent tender and exchange offers (collectively, the 'Tender/Exchange Offer' or the 'Offer') to exchange or to purchase, at the election of each holder, its outstanding 8.5% Senior Notes due 2026 (the 'Old Notes') as set forth in the Offer to Purchase/Exchange, dated as of June 17, 2025 (as amended or supplemented from time to time, the 'Offer to Purchase/Exchange'), which trade on the Nasdaq Global Select Market ('Nasdaq') under the symbol 'GREEL,' and an increase in the Cash Payment Limit for the Tender Option (as those terms are defined in the Offer to Purchase/Exchange) from $3,000,000 to $3,204,477, representing an additional acceptance of less than 1% of the principal amount of the Old Notes outstanding. According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, the following aggregate principal amount of the Old Notes set forth in the table below was validly tendered pursuant to the Tender Option (as defined in the Offer to Purchase/Exchange) and not properly withdrawn as of 5:00 p.m., New York City time, on July 2, 2025 (the 'Early Tender Date') for cash in an amount equal to $9.00 for each $25.00 principal amount of Old Notes tendered, subject to a $3,204,477 cash payment limit: According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, an aggregate principal amount of $1,373,475 of Old Notes have been validly tendered and not properly withdrawn pursuant to the Exchange Option (as defined in the Offer to Purchase/Exchange) as of the Early Tender Date. Although the Tender/Exchange Offer is scheduled to expire at 12:01 a.m., New York City time, on July 18, 2025 (the 'Expiration Date'), because the aggregate purchase price of the Old Notes validly tendered pursuant to the Tender Option and not properly withdrawn as of the Early Tender Date exceeded the Cash Payment Limit, the Company does not expect to accept for purchase any Old Notes that are tendered pursuant to the Tender Option after the Early Tender Date and before the Expiration Date. However, holders of Old Notes may still tender pursuant to the Exchange Option (as defined in the Offer to Purchase/Exchange). Greenidge intends to take the position that the Old Notes and the New Notes constitute securities for U.S. federal income tax purposes and, accordingly, that consummation of exchanges of Old Notes for New Notes pursuant to the Exchange Offer likely qualifies as a tax-free recapitalization. In accordance with the terms of the Offer, Greenidge has elected to exercise its right to make payment for all Old Notes validly tendered pursuant to the Tender Option and not properly withdrawn at or prior to the Early Tender Date and that are accepted for purchase on July 9, 2025 (the 'Early Settlement Date'). For each $25.00 principal amount of Old Notes validly tendered and not properly withdrawn at or prior to the Early Tender Date pursuant to the Tender Option, eligible holders were eligible to receive $9.00 in cash plus accrued and unpaid interest up to, but not including, the Early Settlement Date. Greenidge is relying on Section 3(a)(9) of the Securities Act of 1933, as amended (the 'Securities Act'), to exempt the New Notes issued in the Exchange Option portion of the Tender/Exchange Offer from the registration requirements of the Securities Act. The Company is also relying on Section 18(b)(4)(C) of the Securities Act to exempt the New Notes issued in the Exchange Option portion of the Tender/Exchange Offer from the registration and qualification requirements of state securities laws. The Company has no contract, arrangement or understanding relating to, and will not, directly or indirectly, pay any commission or other remuneration to any broker, dealer, salesperson, agent or any other person for soliciting tenders in the Tender/Exchange Offer. Information Relating to the Tender/Exchange Offer The complete terms and conditions of the Tender/Exchange Offer are set forth in the Offer to Purchase, dated June 16, 2025 (as it may be amended or supplemented from time to time, the 'Offer to Purchase'), which sets forth a detailed description of the Tender/Exchange Offer. Greenidge refers investors to the Offer to Purchase for the complete terms and conditions of the Tender/Exchange Offer. Investors with questions regarding the terms and conditions of the Tender/Exchange Offer may contact our information agent as follows: D.F. KING & CO., INC. Banks and Brokers call: (212) 434-0035 Toll free: (800) 669-5550 Email: GREE@ About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. Forward-Looking Statements This press release includes certain statements that may constitute 'forward-looking statements.' 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 Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as 'anticipate,' 'believe,' 'continue,' 'foresee,' 'expect,' 'intend,' 'plan,' 'may,' 'will,' 'would,' '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 press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. 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 Part I, Item 1A. 'Risk Factors' of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2024, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. 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. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements.
