Greenidge Generation Holdings Enters Material Agreement

TL;DR

Greenidge inked a big deal on Nov 27, 2024, related to their 2026 notes.

AI Summary

Greenidge Generation Holdings Inc. entered into a Material Definitive Agreement on November 27, 2024, related to its Senior Notes due 2026. The filing also includes other events and financial statements and exhibits.

Why It Matters

This filing indicates a significant contractual development for Greenidge Generation Holdings, potentially impacting its financial structure and future operations.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent business risks.

Key Numbers

• 2026 — Senior Notes Maturity (Indicates a debt obligation with a specific maturity date.)
• 1231 — Fiscal Year End (Defines the company's financial reporting cycle.)

Key Players & Entities

• Greenidge Generation Holdings Inc. (company) — Registrant
• November 27, 2024 (date) — Date of earliest event reported
• Senior Notes Due 2026 (financial_instrument) — Agreement subject
• Delaware (jurisdiction) — State of incorporation
• 590 Plant Road Dresden, New York 14441 (address) — Principal executive offices

FAQ

Key Financial Figures

• $12.1 million — The purchase price of the Property is $12.1 million in cash (the "Purchase Price") and an e
• $250,000 — d to provide a deposit in the amount of $250,000 (the "Deposit"), which is to be held in

Filing Documents

• gree-20241127.htm (8-K) — 38KB
• greenidgegenerationscprope.htm (EX-99.1) — 17KB
• 0001628280-24-049859.txt ( ) — 232KB
• gree-20241127.xsd (EX-101.SCH) — 3KB
• gree-20241127_def.xml (EX-101.DEF) — 16KB
• gree-20241127_lab.xml (EX-101.LAB) — 28KB
• gree-20241127_pre.xml (EX-101.PRE) — 17KB
• gree-20241127_htm.xml (XML) — 4KB

01 – Entry into a Material Definitive Agreement

Item 1.01 – Entry into a Material Definitive Agreement. On November 27, 2024, a subsidiary of Greenidge Generation Holdings Inc. (the "Company") entered into a Purchase and Sale Agreement (the "Purchase Agreement") with Data Journey LLC (the "Purchaser") pursuant to which the Company has agreed to sell to the Purchaser two parcels of land containing approximately 152 acres of land located in Spartanburg, South Carolina (the "Property") for the purpose of constructing, developing and operating a data center facility (the "Project"). The purchase price of the Property is $12.1 million in cash (the "Purchase Price") and an eight percent (8%) profit participation interest in the Project (the "Profit Participation Interest"). Under the terms of the Purchase Agreement, the Purchaser has agreed to provide a deposit in the amount of $250,000 (the "Deposit"), which is to be held in escrow with the title company. Within ten (10) days of the effective date of the Purchase Agreement, the Purchaser shall deliver to the Company a proposed form of profit participation agreement, which agreement shall provide, among other things, that (i) the Purchaser shall grant to the Company the Profit Participation Interest, (ii) in the event of a sale of the Project or a change of control of the Purchaser, the Company shall be entitled to eight percent (8%) of net proceeds after giving effect to deductions for construction and acquisition costs for the Project, and (iii) the Company shall have audit rights with respect to such interests. The Purchase Agreement provides that the Purchaser has a 45-day period from the effective date of the Purchase Agreement to conduct due diligence with respect to the Property (the "Due Diligence Period"). During the Due Diligence Period, the Company and Purchaser will, in good faith, negotiate such form of profit participation agreement. Prior to the expiration of the Due Diligence Period, the Purchaser has the right, in the Purchaser's sole and absol

01 – Other Events

Item 8.01 – Other Events. On December 4, 2024, the Company issued a press release announcing the sale of the Property. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference. Cautionary Note Regarding Forward-Looking Statements This report, including Exhibit 99.1 furnished herewith, includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect the Company's financial or operating results. These forward-looking statements may be identified by terms such as "anticipate," "believe," "continue," "foresee," "expect," "intend," "plan," "may," "will," "would," "could," and "should," and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this report include, among other things, statements regarding the business plan, business strategy and operations of the Company in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-

01 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release, dated December 4, 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: December 4, 2024

View Full Filing

View this 8-K filing on SEC EDGAR