Greenidge Generation Announces Amended Exchange Offer and Reports Preliminary Results

Pittsford, NY – March 25, 2026 – Greenidge Generation Holdings Inc. (Nasdaq: GREE), a vertically integrated power generation company focused on datacenters and infrastructure development, has announced significant amendments to its previously declared Exchange Offer for its outstanding 8.50% Senior Notes due 2026 (traded under the symbol GREEL). The announcement also includes preliminary results of the offer, which could have material implications for current shareholders and noteholders.

Key Points and Details of the Amended Exchange Offer

• Amended Consideration:
  • For every \$25.00 principal amount of Old Notes tendered and exchanged, holders will now receive:
    • \$25.00 principal amount of new notes
    • Two (2) shares of Greenidge’s Class A Common Stock, \$0.0001 par value per share
• Removal of Early Tender Premium and Early Tender Date:
  • The company has eliminated the concepts of an Early Tender Premium and Early Tender Date, thereby simplifying the offer and providing equal terms to all participants, regardless of when they tender their notes within the offer period.
• Waiver of Minimum Tender Condition:
  • The closing condition requiring at least \$11.0 million in principal amount of Old Notes to be validly tendered has been waived. This means the exchange will proceed regardless of the aggregate amount tendered, increasing certainty for participants.

Preliminary Results of the Exchange Offer

• As of 5:00 p.m. (New York City time) on March 25, 2026 (the “Withdrawal Date”), an aggregate of \$4,334,025 principal amount of the Old Notes (out of \$36,663,000 outstanding) had been validly tendered and not withdrawn.
  • This reflects approximately 11.8% participation of the outstanding notes, based on the preliminary figures.
• Holders who already tendered their Old Notes and did not withdraw them by the Withdrawal Date do not need to take further action to receive the amended consideration.

Important Considerations for Shareholders and Investors

• Potential Share Dilution:
  • The amended offer includes the issuance of new shares of Class A Common Stock. As more notes are exchanged, this will increase the total shares outstanding, potentially diluting the equity of current shareholders. The preliminary results indicate the issuance of 346,722 new shares (2 shares per \$25 exchanged × \$4,334,025 tendered ÷ \$25).
  • This dilution could impact the market price of existing shares, especially if participation increases significantly.
• Balance Sheet Impact:
  • The exchange restructures part of the company’s outstanding debt, replacing old notes with new notes and issuing new equity, which may improve the company’s debt profile but also increases the equity base.
• Removal of Minimum Tender Condition:
  • This strategic move suggests management’s willingness to proceed with the exchange even at lower participation rates, likely to encourage more holders to participate and to show flexibility in capital management.
• Elimination of Early Tender Premium:
  • All noteholders now receive equal consideration, regardless of when they tender, which could incentivize additional participation as the offer period continues.

Contact Information and Further Actions

Investors seeking more information can review the complete terms and conditions in the amended Offer to Exchange and contact the company’s information agent, D.F. King & Co., Inc., via phone ((212) 596-7578 or toll-free (800) 347-4826) or email ([email protected]).

About Greenidge Generation Holdings Inc.

Greenidge is a vertically integrated power generation company with a focus on datacenters, electrical and infrastructure development, engineering, procurement, construction management, operations, and site maintenance.

Forward-Looking Statements and Risks

This announcement contains forward-looking statements, which are subject to risks and uncertainties that could materially affect the company’s future results, including risks described in Greenidge’s most recent Annual Report and other filings with the SEC. Shareholders and investors should be aware that no assurance can be given that the anticipated results or events will transpire as described.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should review all official filings and consult with financial advisors before making investment decisions. Past performance does not guarantee future results. The company’s actual results may differ materially from those expressed or implied in forward-looking statements.

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