Greenidge Generation Faces Delisting Concerns

TL;DR

Greenidge might get delisted, filing shows financial trouble.

AI Summary

Greenidge Generation Holdings Inc. filed an 8-K on October 15, 2024, reporting on its financial condition and a notice of potential delisting. The company is facing continued listing rule standards, indicating potential issues with maintaining its stock exchange listing. The filing also includes financial statements and exhibits related to these events.

Why It Matters

This filing signals potential instability for Greenidge Generation Holdings Inc., as it addresses continued listing rule standards, which could impact its stock market presence and investor confidence.

Risk Assessment

Risk Level: high — The company is reporting a notice of delisting or failure to satisfy continued listing rules, which is a significant risk to its public trading status.

Key Players & Entities

• Greenidge Generation Holdings Inc. (company) — Registrant
• October 14, 2024 (date) — Earliest event reported
• October 15, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• 590 Plant Road Dresden, New York 14441 (address) — Principal executive offices

FAQ

Key Financial Figures

• $15,000,000 — to maintain a minimum MVPHS of at least $15,000,000 (the "Minimum MVPHS Requirement"), and

Filing Documents

• gree-20241014.htm (8-K) — 37KB
• greenidgeq3preliminarynumb.htm (EX-99.1) — 37KB
• image_0a.jpg (GRAPHIC) — 22KB
• 0001628280-24-042766.txt ( ) — 283KB
• gree-20241014.xsd (EX-101.SCH) — 3KB
• gree-20241014_def.xml (EX-101.DEF) — 16KB
• gree-20241014_lab.xml (EX-101.LAB) — 28KB
• gree-20241014_pre.xml (EX-101.PRE) — 17KB
• gree-20241014_htm.xml (XML) — 4KB

02 – Results of Operations and Financial Condition

Item 2.02 – Results of Operations and Financial Condition. On October 14, 2024, Greenidge Generation Holdings Inc. (the "Company") issued a press release regarding certain preliminary financial results for the fiscal quarter ended September 30, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in Item 2.02 of this report is unaudited and preliminary, and does not present all information necessary for an understanding of the Company's financial condition as of September 30, 2024 and its results of operations for the three months ended September 30, 2024. The information in Item 2.02 of this report is being furnished pursuant to Item 2.02 of Form 8-K. In accordance with General Instruction B.2. of Form 8-K, the information in in Item 2.02 of this report , including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such a filing.

01 – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 14, 2024, the Company received written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") notifying the Company that, based on the staff's review of the market value of publicly held shares (the "MVPHS") of the Company's Class A common stock, par value $ 0.0001 per share (the "Common Stock"), for 30 consecutive business days, the Company no longer complies with the Minimum MVPHS Requirement (as defined below) for continued listing on the Nasdaq Global Select Market. Nasdaq Listing Rule 5450(b)(3)(C) requires listed securities to maintain a minimum MVPHS of at least $15,000,000 (the "Minimum MVPHS Requirement"), and Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet the Minimum MVPHS Requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company's Common Stock on the Nasdaq Global Select Market. Pursuant to the Nasdaq Listing Rules, the Company has been provided an initial compliance period of 180 calendar days to regain compliance with the Minimum MVPHS Requirement. To regain compliance, the closing MVPHS of the Common Stock must be at least $15,000,000 or more for a minimum of ten (10) consecutive business days prior to April 14, 2025. If the Company does not regain compliance within the compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Company intends to monitor the MVPHS of the Common Stock and may, if appropriate, consider implementing available options to regain compliance. There can be no assurance that the Company will be able to regain compliance with the Minimum MVPHS Requirement or maintain compliance with any other listing requirements. Cautionary Note Reg

01 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release, dated October 14, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: October 15, 2024

View Full Filing

View this 8-K filing on SEC EDGAR