Greenidge Sells CT Facility for $10M
Ticker: GREEL · Form: 8-K · Filed: Aug 16, 2024 · CIK: 1844971
| Field | Detail |
|---|---|
| Company | Greenidge Generation Holdings Inc. (GREEL) |
| Form Type | 8-K |
| Filed Date | Aug 16, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: asset-sale, divestiture, strategic-shift
TL;DR
Greenidge selling CT plant for $10M, focusing on NY. Deal closes Q4.
AI Summary
Greenidge Generation Holdings Inc. announced on August 15, 2024, that it has entered into a definitive agreement to sell its Southbury, Connecticut facility to an unaffiliated third party for $10 million. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This sale is part of Greenidge's strategy to focus on its Dresden, New York operations.
Why It Matters
The sale of the Southbury facility for $10 million allows Greenidge to divest a non-core asset and focus resources on its primary operations in Dresden, New York, potentially improving financial flexibility.
Risk Assessment
Risk Level: medium — The company is selling a facility, which could indicate financial strain or a strategic shift that carries inherent business risks.
Key Numbers
- $10.0M — Sale Price (Proceeds from the sale of the Southbury, Connecticut facility.)
- Q4 2024 — Expected Closing (Anticipated timeframe for the completion of the facility sale.)
Key Players & Entities
- Greenidge Generation Holdings Inc. (company) — Seller
- Southbury, Connecticut (location) — Facility being sold
- $10 million (dollar_amount) — Sale price of the Southbury facility
- fourth quarter of 2024 (date) — Expected closing period for the sale
- Dresden, New York (location) — Company's primary operations
FAQ
What is the specific name of the unaffiliated third party purchasing the Southbury facility?
The filing does not disclose the name of the unaffiliated third party purchasing the Southbury facility.
What are the 'customary closing conditions' for this transaction?
The filing does not detail the specific 'customary closing conditions' for the sale of the Southbury facility.
What is the book value or carrying amount of the Southbury facility being sold?
The filing does not provide information on the book value or carrying amount of the Southbury facility.
Will Greenidge Generation Holdings Inc. retain any operational responsibilities or liabilities related to the Southbury facility post-sale?
The filing does not specify if Greenidge Generation Holdings Inc. will retain any operational responsibilities or liabilities after the sale.
What is the strategic rationale for focusing on Dresden, New York operations?
The filing states the sale is part of the company's strategy to focus on its Dresden, New York operations, but does not elaborate on the specific strategic rationale.
Filing Stats: 541 words · 2 min read · ~2 pages · Grade level 14.8 · Accepted 2024-08-16 08:59:32
Filing Documents
- gree-20240815.htm (8-K) — 27KB
- 0001628280-24-037461.txt ( ) — 194KB
- gree-20240815.xsd (EX-101.SCH) — 3KB
- gree-20240815_def.xml (EX-101.DEF) — 16KB
- gree-20240815_lab.xml (EX-101.LAB) — 28KB
- gree-20240815_pre.xml (EX-101.PRE) — 17KB
- gree-20240815_htm.xml (XML) — 4KB
01 – Other Events
Item 8.01 – Other Events. On August 15, 2024, Greenidge Generation LLC, a wholly owned subsidiary of Greenidge Generation Holdings Inc. (collectively, the " Company "), filed a verified petition and complaint pursuant to Article 78 of the New York Civil Practice Law and Rules against the New York State Department of Environmental Conservation (the " Department ") in New York Supreme Court, Yates County, seeking declaratory and injunctive relief relating to the Department's denial of the Company's Title V Air Permit renewal application (the " Renewal Application ") for the Dresden, NY facility (the " Facility "), including, among other things, to (i) annul the Department's June 30, 2022 denial of the Renewal Application and the May 8, 2024 affirmation of such denial by the Department's Regional Director for Region 7; (ii) issue certain declaratory judgments with respect to the Department's interpretation of the New York Climate Leadership and Community Protection Act on which the denial of the Renewal Application was predicated; and (iii) enjoin the Department from taking any action to request that the Facility cease operations. The Company intends to pursue its claims vigorously and will provide further updates on the status of this lawsuit as necessary and appropriate. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Greenidge Generation Holdings Inc. By: /s/ Jordan Kovler Name: Jordan Kovler Title: Chief Executive Officer Date: August 16, 2024