Greenidge Generation Holdings Announces Final Results of Exchange Offer for Senior Notes Due 2026

Key Points for Investors

• Exchange Offer Results: Greenidge Generation Holdings Inc. (Nasdaq: GREE) has announced the final results of its exchange offer for its outstanding 8.50% Senior Notes due 2026 (“Old Notes”).
• Exchange Ratio and Settlement: For each \$25.00 principal amount of Old Notes exchanged, holders will receive \$25.00 principal amount of a new series of 10.00% Senior Notes due 2030 (“New Notes”) and two (2) shares of Greenidge’s Class A Common Stock, plus accrued and unpaid interest up to but not including the settlement date.
• Aggregate Results: Out of a total outstanding principal amount of \$36,663,875 of Old Notes, \$1,436,125 were validly tendered and accepted for exchange. After settlement, \$35,227,750 principal amount of Old Notes will remain outstanding.
• Issuance on Settlement: Greenidge expects to issue approximately \$1,459,689 in aggregate principal amount of New Notes and 114,890 shares of Class A Common Stock on or about April 10, 2026.
• Trading and Liquidity Concerns: The company’s application to list the New Notes for trading on the OTC Markets platform was denied by FINRA due to trade reporting and market structure considerations. Greenidge is evaluating alternative trading pathways, but there is no assurance an active market for the New Notes will develop. Investors should be aware of potentially limited liquidity for the New Notes.

Details and Potential Share Price Impact

The exchange offer provides investors with a significant increase in yield, exchanging 8.50% Senior Notes for new 10.00% Senior Notes, alongside an equity sweetener in the form of two shares of Class A Common Stock per \$25.00 of principal exchanged. However, the uptake for the offer was relatively low, with only about 3.9% of the outstanding Old Notes tendered and accepted.

The remaining outstanding Old Notes remain significant, meaning that Greenidge will continue to have a sizable debt load maturing in 2026. The issuance of new equity (114,890 shares) is modest relative to the company’s total share count but does represent incremental dilution.

The inability to list the New Notes on the OTC Markets platform is a material development. The lack of a liquid trading market for the New Notes could negatively impact their value and investor willingness to hold or acquire these securities. This uncertainty regarding liquidity and pricing for the New Notes is a critical consideration for both current and prospective investors.

Investors should also note the company’s forward-looking statements regarding its business strategy, operating performance, and the risks associated with its capital structure and market conditions, as outlined in the company’s filings.

What Shareholders Need to Know

• The exchange offer’s low participation rate may signal limited investor appetite for the new securities or concerns about the company’s prospects.
• The higher coupon on the New Notes increases the company’s interest expense on exchanged debt.
• The dilution from new equity issuance is relatively minor but not insignificant.
• The inability to secure a trading symbol for the New Notes may restrict liquidity and price discovery, which could impact their value and the company’s overall financial flexibility.
• The unresolved question of liquidity for the New Notes is potentially price-sensitive and should be monitored closely by shareholders and debt holders.

About Greenidge Generation Holdings Inc.

Greenidge Generation Holdings Inc. is a vertically integrated power generation company focused on datacenters, electrical and infrastructure development, engineering, procurement, construction management, operations, and site maintenance.

Forward-Looking Statements Disclaimer

This article contains forward-looking statements regarding Greenidge Generation Holdings Inc., including its financial and operating results, business strategies, and risks. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Investors are encouraged to review the company’s filings with the SEC, including risk factors in its Annual Report on Form 10-K and subsequent filings. No assurance can be given that the forward-looking statements will prove accurate, and investors should not place undue reliance on them.

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