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Greenidge Generation Holdings Inc. (NASDAQ:GREE), a company specializing in finance services, is facing potential delisting from The Nasdaq Global Select Market. Currently trading at $0.65, down over 73% in the past year, the stock has struggled amid significant volatility. According to InvestingPro analysis, the company appears undervalued despite operating with a concerning debt burden. The firm received a notice from Nasdaq on April 9, 2025, indicating that its Class A common stock had not met the minimum bid price requirement of $1.00 per share over the last 30 consecutive business days.
The current status does not immediately affect Greenidge’s stock listing. The company has been granted an initial 180-day period, ending on October 6, 2025, to regain compliance with the Nasdaq’s Minimum Bid Requirement. During this period, the company’s stock must close at $1.00 or higher for at least 10 consecutive business days - a significant climb from its 52-week low of $0.58. InvestingPro data reveals 12+ additional insights about GREE’s financial health and market position, which could be crucial for investors monitoring this situation. Nasdaq may choose to extend this compliance period at its discretion.
If Greenidge fails to achieve compliance within the allotted timeframe, it may be given a second 180-day period to meet the requirements. This extension would involve transferring the stock listing to The Nasdaq Capital Market and satisfying all other initial listing standards, aside from the Minimum Bid Requirement. With a weak financial health score of 1.48 out of 5 and rapidly diminishing cash reserves, the company would also need to pay an application fee and potentially execute a reverse stock split as part of the effort to meet the Nasdaq’s standards.
Greenidge has expressed its intention to monitor its stock’s closing bid price closely and to explore all available options to regain compliance with the Minimum Bid Requirement. However, there is no guarantee that the company will be able to meet the necessary criteria or maintain compliance with other listing requirements.
This information is based on a press release statement and reflects the facts as reported in the 8-K filing with the Securities and Exchange Commission.
In other recent news, Greenidge Generation Holdings Inc. reported improved financial performance for the fourth quarter and full year of 2024. The company achieved a total revenue of $14.8 million for Q4, a $2.4 million increase from the previous quarter. The net loss from continuing operations was reduced to between $3.3 to $4.3 million, showing an improvement of $2.0 to $3.0 million from Q3 2024. For the full year, Greenidge generated $59.5 million in revenue, with a notable reduction in SG&A expenses by $8.9 million compared to 2023. Additionally, the company’s adjusted EBITDA for the year was between $5.0 to $6.0 million, marking an increase of $4.8 to $5.8 million over the previous year.
Furthermore, Greenidge has secured credit support through an Equity Interest Payment Agreement with Atlas (NYSE:ATCO) Capital Resources GP LLC. This agreement ensures the continuation of letters of credit essential for environmental and pipeline project obligations. In exchange, Greenidge will make a payment of $1,369,990 and cover interest on the outstanding letters of credit, payable in shares of its Class A common stock. This strategic move allows Greenidge to manage financial obligations without immediate cash outlay. These developments underscore Greenidge’s efforts to stabilize operations and strengthen its financial position.
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