Greenidge Generation announced that its holding company has signed an agreement to merge with Support.com.
The deal is subject to shareholder approval and customary closing conditions, according to Greenidge.
Support.com is a leading provider of customer and technical support solutions delivered by home-based employees. Upon completion of the proposed merger, Support.com will be a wholly-owned subsidiary of Greenidge Holdings.
The transaction is expected to close in Q3 of this year, after which Greenidge Holdings is expected to be listed on the Nasdaq, according to the company.
Dale Irwin, the CEO of Greenidge Generation, who has led the transformation of the Company in recent years, will continue to serve as the CEO. Greenidge operates a data processing center and power generation facility along Seneca Lake. In recent months, the company has drawn intense criticism from local and regional environmental stakeholders.
“This proposed merger by our holding company is an unmistakable validation of what we have accomplished right here in Yates County, and a testament to those across local and state government who believed in our promise to transform this company into something great,” Irwin said. “Our team has turned an old coal plant into a clean power business that fully protects Seneca Lake and is already delivering huge economic benefits to our neighbors. This is a unique opportunity for all of us; as we continue to build a stronger business through this transaction, we will have even more resources to invest, and everyone in this region will continue to benefit.”
Under the proposed transaction, Greenidge Holdings’ majority owner will still be funds managed by Atlas FRM LLC d/b/a Atlas Holdings LLC.Want the latest headlines in your inbox each morning? Click here to sign up for our Morning Edition and Sunday Insight newsletters. They are dedicated to keeping you in the know. You can also download the FingerLakes1.com App for Android (All Android Devices) or iOS (iPhone, iPad)