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Christian Mulvihill, the Chief Financial Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), recently executed a sale of company stock. According to a Form 4 filing with the Securities and Exchange Commission, Mulvihill sold 618 shares of Class A Common Stock on April 14, 2025. The shares were sold at an average price of $0.65 each, amounting to a total transaction value of $401. The micro-cap company, currently valued at $9.8 million, has seen its stock decline over 70% in the past six months. InvestingPro analysis indicates concerning financial health metrics, with a significant debt burden of $68.3 million and rapid cash burn rate.
The transaction was made to cover tax withholding obligations related to the vesting of certain restricted stock units, as noted in the filing. This sale was not a discretionary action by Mulvihill. Following the transaction, Mulvihill retains ownership of 84,671 shares in the company. InvestingPro subscribers can access 14 additional key insights about GREE’s financial position and market performance, helping investors make more informed decisions about this volatile stock.
In other recent news, Greenidge Generation Holdings Inc. reported a notable improvement in its financial performance for the fourth quarter of 2024. The company achieved a total revenue of $14.8 million, which is a $2.4 million increase from the previous quarter. The net loss from continuing operations improved by $2.0 to $3.0 million, ranging between $3.3 to $4.3 million. For the full year, Greenidge’s total revenue reached $59.5 million, with a reduction in SG&A expenses by $8.9 million compared to the previous year. The net loss for the year improved by $8.8 to $9.8 million, and Adjusted EBITDA increased by $4.8 to $5.8 million from 2023.
Additionally, Greenidge has entered into an Equity Interest Payment Agreement with Atlas (NYSE:ATCO) Capital Resources GP LLC to maintain crucial credit support. This agreement ensures the continuation of letters of credit essential for the company’s environmental and pipeline project obligations. In return, Greenidge will make payments in shares of its Class A common stock. This strategic move allows Greenidge to secure credit support without an immediate cash outlay. These developments highlight Greenidge’s ongoing efforts to stabilize operations and manage financial commitments.
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