Greenidge secures $6 million funding for growth

DRESDEN, N.Y. – Greenidge Technology Holdings Inc. (NASDAQ:GREE), a cryptocurrency datacenter and energy era firm, introduced immediately an funding settlement with Armistice Capital totaling $6 million, aimed toward bolstering the corporate’s progress technique.

The funding is predicted to assist Greenidge’s growth into new low-cost energy facilities, improve its bitcoin mining capabilities, additional develop its engineering, procurement, and development administration (EPCM) enterprise, in addition to fund new AI infrastructure/knowledge facilities.

Greenidge CEO Jordan Kovler said that the capital infusion from Armistice Capital underscores the corporate’s ongoing transformation and progress efforts.

In accordance with the settlement, Armistice Capital will initially make investments $6 million in trade for 1,260,505 shares and pre-funded warrants, with every share priced at $4.76. Moreover, Armistice will obtain warrants to buy an additional 1,260,505 shares at an combination value of $6.62 million, or $5.25 per share.

The funding follows Greenidge’s latest announcement of its first worthwhile quarter in two years. The corporate reported preliminary monetary and working outcomes for the fourth quarter of 2023, with Internet Earnings starting from $1.4 million to $2.4 million, Adjusted EBITDA between $1.6 million and $2.6 million, and Earnings Per Share from $0.18 to $0.32. In 2023, Greenidge additionally diminished its debt by $85.3 million, which represented over 54% of its complete debt.

Greenidge Technology Holdings Inc. focuses on vertically built-in energy era, specializing in cryptocurrency mining and associated infrastructure growth.

The main points supplied are based mostly on a press launch assertion from Greenidge Technology Holdings Inc.

starcrypto Insights

As Greenidge Technology Holdings Inc. (NASDAQ:GREE) secures a $6 million funding from Armistice Capital to reinforce its progress technique, it is essential to contemplate the corporate’s monetary well being and market efficiency. In accordance with starcrypto knowledge, Greenidge has a market capitalization of roughly $37.98 million. Regardless of a major return over the past week of 43.81%, the corporate’s inventory value has skilled substantial volatility, which is mirrored in a excessive value volatility rating from starcrypto.

starcrypto Ideas spotlight the corporate’s challenges, similar to its vital debt burden and a money burn that’s rapidly depleting its reserves. Moreover, the corporate’s short-term obligations exceed its liquid property, which can pose liquidity dangers. Analysts on starcrypto predict that the corporate will probably be worthwhile this 12 months, which could possibly be a pivotal level for Greenidge because it goals to leverage the contemporary capital for growth.

Traders all in favour of a deeper dive into Greenidge’s financials and potential can entry extra starcrypto Ideas by visiting https://www.investing.com/professional/GREE. There are 12 further suggestions accessible, providing insights that might help make knowledgeable funding selections. For these seeking to subscribe to starcrypto for year-round insights, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Professional and Professional+ subscription.

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