Greenidge offers to exchange or purchase senior notes at premium

NEW YORK - Greenidge Generation Holdings Inc. (NASDAQ:GREE), currently trading at $1.47 and showing signs of financial strain with a weak overall health score according to InvestingPro, announced Tuesday it has commenced two concurrent offers for its outstanding 8.50% Senior Notes due 2026, allowing holders to either exchange or sell their notes back to the company.

The cryptocurrency datacenter and power generation company, carrying a total debt of $67.17 million and experiencing significant cash burn, is offering two options to noteholders: an exchange for new 10.00% Senior Notes due 2030 at a rate of $11.00 in new notes for each $25.00 of existing notes, or a cash purchase at $8.50 per $25.00 of notes. Holders who tender by July 2, 2025, can receive an increased cash payment of $9.00 per $25.00 of notes. InvestingPro subscribers can access 14 additional key insights about Greenidge’s financial position.

The exchange option represents a 38% premium to the June 16 closing price of $7.98 per note, while the early tender cash option offers a 13% premium.

Greenidge has set a $3 million limit on cash payments for tendered notes. If cash required exceeds this amount, the company will accept tendered notes on a pro rata basis.

The offer expires July 17, 2025, unless extended or terminated earlier. Tendered notes can be withdrawn until July 2, 2025.

The company intends to list the new notes on Nasdaq under the symbol "GREEN." The maximum aggregate principal amount of notes eligible for the offer is $58,274,700.

Greenidge stated it may engage in additional transactions to purchase or repay any notes not tendered in this offer, potentially on different terms.

This article is based on a press release statement from Greenidge Generation Holdings Inc.

In other recent news, Greenidge Generation Holdings Inc. is facing potential delisting from The Nasdaq Global Select Market due to its stock price not meeting the minimum bid requirement. The company received a notice from Nasdaq on April 9, 2025, indicating that its Class A common stock had not maintained a minimum bid price of $1.00 per share over the last 30 consecutive business days. Greenidge has been granted an initial 180-day period, ending on October 6, 2025, to regain compliance with this requirement. During this period, the company’s stock must close at $1.00 or higher for at least 10 consecutive business days. If Greenidge fails to achieve compliance within the initial timeframe, it may be granted a second 180-day period to meet the requirements, which would involve transferring the stock listing to The Nasdaq Capital Market. This process would also require the company to satisfy all other initial listing standards, aside from the Minimum Bid Requirement, and potentially execute a reverse stock split. Greenidge has expressed its intention to monitor its stock’s closing bid price closely and explore all available options to regain compliance. However, there is no guarantee that the company will meet the necessary criteria or maintain compliance with other listing requirements.

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