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On February 13, 2025, Christian Mulvihill, Chief Financial Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), sold a portion of his holdings in the company. Mulvihill sold a total of 710 shares of Class A Common Stock, generating proceeds of approximately $766. The sales occurred at prices ranging between $1.07 and $1.08 per share, with the stock trading near its 52-week low of $1.00. According to InvestingPro data, GREE shares have declined over 76% in the past year, reflecting significant challenges facing the company.
Following these transactions, Mulvihill retains ownership of 54,865 shares. The sales were made to cover tax obligations related to the vesting of restricted stock units, as noted in the filing. InvestingPro analysis reveals the company's challenging financial position, with a weak overall health score and significant debt burden. InvestingPro subscribers have access to 15 additional key insights about GREE's financial outlook.
In other recent news, Greenidge Generation Holdings Inc. has been actively managing its financial obligations and operational commitments. The company recently entered into an Equity Interest Payment Agreement with Atlas (NYSE:ATCO) Capital Resources GP LLC, ensuring the continuation of essential letters of credit. These letters, set to renew in April and May 2025, are critical for Greenidge's environmental trust liability and commitments to Empire Pipeline Incorporated. In exchange, Greenidge will make payments in shares of its Class A common stock to Atlas, who in return, has been granted certain registration rights.
In another development, Greenidge has expanded its equity incentive plan by 700,000 shares, raising the total to 1,583,111 shares of Class A common stock. This expansion is part of the Second Amended and Restated 2021 Equity Incentive Plan, aimed at providing additional benefits to the company's employees and directors. Atlas Capital Resources GP LLC, holding a significant portion of the company's total voting power, has approved this increase.
These recent developments reflect Greenidge's ongoing efforts to manage its financial obligations while maintaining its operational commitments.
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