NVIDIA launches Jetson Thor robotics computers for physical AI systems
Christian Mulvihill, the Chief Financial Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), recently executed a sale of company stock. According to a filing with the Securities and Exchange Commission, Mulvihill sold 738 shares of Class A Common Stock at a price of $0.77 per share on March 14, totaling approximately $568. The transaction comes as GREE’s stock has shown significant volatility, with shares down about 74% over the past year and trading well below their 52-week high of $3.84. InvestingPro analysis indicates the stock is currently undervalued.
This transaction was carried out to cover tax withholding obligations related to the vesting of restricted stock units, rather than as a discretionary sale. Following this sale, Mulvihill retains ownership of 54,127 shares in the company. According to InvestingPro, the company faces challenges with significant debt burden and rapid cash burn, with 13 additional key insights available to subscribers. The company’s next earnings report is expected on March 28, which could provide crucial updates on its financial health.
In other recent news, Greenidge Generation Holdings Inc. reported an improved financial performance for the fourth quarter of 2024. The company achieved a total revenue of $14.8 million, an increase of $2.4 million from the previous quarter. Greenidge also reduced its net loss from continuing operations to between $3.3 and $4.3 million, showing an improvement of $2.0 to $3.0 million compared to Q3 2024. For the full year, Greenidge generated $59.5 million in revenue and improved its net loss by $8.8 to $9.8 million from the previous year.
Additionally, Greenidge entered into an Equity Interest Payment Agreement with Atlas (NYSE:ATCO) Capital Resources GP LLC to maintain 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. This strategic move allows the company to secure necessary credit support without an immediate cash outlay. These developments reflect Greenidge’s ongoing efforts to manage financial obligations and stabilize operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.