On March 22, technical support company Support.com made a merger agreement with Bitcoin miner Greenidge Generation Holdings, after which shares of the company reached new highs. This type of agreement suggests uniting two companies into one.
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According to the agreement, Support.com will take bitcoin miner Greenidge Generation public in a stock-for-stock transaction. Specifically, about 5% of Greenidge shares will be paid to Support.com shareholders for Support.com’s assets. Besides, about 3% of Greenidge's shares will be paid for the estimated $33 million of cash expected to be on Support.com’s balance sheet.
The deal is supposed to close in the third quarter of 2021. Then Support.com shareholders will own about 8% of Greenidge’s shares outstanding Class A common stock.
Afterwards, Support.com stock (SPRT) went up by 283%.The last all-time high of the stock was in December 2014. Trading volume surged past 243.1 million shares, which itself is a one-day record. On average this mark was around 148,000 during the previous 30 days. Presently, the stock gains the largest percentage and is in second place in terms of trading activity on leading U.S. exchanges.