Bitcoin mining and power generation firm Greenidge is reportedly on the verge of finalizing a merger with customer and technical support solutions provider Support.com, to become a listed mining entity. 

Specifically, as soon as the merger transaction is finalized, Support.com Inc. will reportedly turn itself into an entirely-owned division of Greenidge Generation Holdings Inc. The new entity’s Class A shares will trade under the ticker GREE.

As revealed by the SEC on September 13th, the merger commenced to complete by market close the day after. The merger – bearing the nature of a stock-for-stock transaction – will have the share in Support.com Inc. individually go through an automated conversion process, to function as the right for its bearer to receive 0.115 Class A Greenidge shares.

“This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power.” Head of Greenidge – Jeff Kirt – reportedly remarked. 

Support.com will additionally send over $33 million in fiat form to Greenidge. 

“This transaction will build upon Greenidge’s successful business by providing them with additional cash funding and a public currency to fund their growth plans, as well as important new capabilities including customer interface, security software, and privacy expertise,” Support.com’s president and current Head – Lance Rosenzweig – stated regarding the development. 

Once the merger is finalized, Kirt will take the helm of the joined entity as its Head. Rosenzweig will still continue his job as CEO of the current Support.com venture, which will keep on running in the usual direction, as a wholly-owned subsidiary of Greenidge.