Support.com To Merge With Bitcoin Miner Greenidge Generation Holdings

(RTTNews) - Shares of Support.com Inc. (SPRT) gained nearly 5% in extended trading session on top of 230% surge in regular trade. The provider of technical support services and cloud-based software announced a deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc.

Privately-held Greenidge said it expects to be the first publicly traded bitcoin mining company with a wholly-owned power plant. Greenidge expects to achieve calendar year 2021 EBITDA in excess of $50 million and a run rate in excess of $160 million of EBITDA by fourth quarter 2022,

Upon completion of the merger, stockholders and option holders of Support.com will collectively own around 8% of Greenidge's common stock.

As part of the deal, 210 Capital LLC acquired 3.9 million shares of Support.com in a private placement.

The parties expect that the merger will be completed in third quarter of 2021.