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Christian Mulvihill, the Chief Financial Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), a company currently valued at $9.4 million and trading near its 52-week low, recently reported a series of stock transactions. According to InvestingPro data, the stock has declined over 76% in the past year. On March 27, Mulvihill sold a total of 24,353 shares of the company’s Class A Common Stock, amounting to $19,482, with each share priced at $0.80. These sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units and were not discretionary sales by Mulvihill.
Earlier, on March 26, Mulvihill acquired 55,515 shares as part of a bonus compensation, with these restricted stock units vesting immediately. Following these transactions, Mulvihill holds 85,289 shares directly.
In other recent news, Greenidge Generation Holdings Inc. reported its fourth-quarter and full-year 2024 financial results, showcasing a notable improvement in its financial performance. The company achieved a revenue increase to $14.8 million in the fourth quarter, a $2.4 million rise from the previous quarter. The net loss from continuing operations was reduced to between $3.3 and $4.3 million, marking an improvement from the third quarter. For the full year, Greenidge generated $59.5 million in revenue and decreased its SG&A expenses by $8.9 million compared to 2023. Additionally, the company’s Adjusted EBITDA for the year ranged from $5.0 to $6.0 million, reflecting a significant enhancement from the previous year.
In a strategic move, Greenidge has entered into an Equity Interest Payment Agreement with Atlas (NYSE:ATCO) Capital Resources GP LLC to maintain essential credit support. This agreement ensures the continuation of letters of credit crucial for Greenidge’s environmental and pipeline project obligations. In exchange, Greenidge will make payments in shares of its Class A common stock, with Atlas receiving certain registration rights. This arrangement allows Greenidge to secure necessary credit support without an immediate cash outlay. These developments highlight Greenidge’s ongoing efforts to manage its financial obligations while maintaining operational commitments.
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