BRIEF-Bitcoin Miner Greenidge Generation Holdings Inc And Support.Com Announce Merger Agreement

March 22 (Reuters) - Support.com Inc :

* BITCOIN MINER GREENIDGE GENERATION HOLDINGS INC. AND SUPPORT.COM, INC. ANNOUNCE MERGER AGREEMENT

* GREENIDGE GENERATION HOLDINGS - ON CLOSING OF PROPOSED DEAL, SUPPORT.COM TO BECOME WHOLLY-OWNED UNIT OF GREENIDGE, WHICH IS EXPECTED TO BE LISTED ON NASDAQ

* GREENIDGE GENERATION HOLDINGS - CO, SUPPORT.COM HAVE SIGNED A DEFINITIVE AGREEMENT TO MERGE IN A STOCK-FOR-STOCK TRANSACTION

* GREENIDGE GENERATION - ON COMPLETION OF MERGER, STOCKHOLDERS, OPTIONHOLDERS OF SUPPORT.COM TO COLLECTIVELY OWN ABOUT 8% OF GREENIDGE’S CLASS A COMMON STOCK

* GREENIDGE GENERATION - AGREEMENT SPECIFIES ABOUT 5% OF CO'S COMMON STOCK TO BE PAID TO SUPPORT.COM SHAREHOLDERS FOR SUPPORT.COM OPERATING, OTHER ASSETS

* GREENIDGE GENERATION - AGREEMENT SPECIFIES ABOUT 3% TO BE PAID FOR ESTIMATED $33 MILLION OF CASH EXPECTED TO BE ON SUPPORT.COM’S BALANCE SHEET AT CLOSING

* GREENIDGE GENERATION - MERGER IS CONDITIONED UPON SUPPORT.COM HAVING AT LEAST $28 MILLION IN CASH ON BALANCE SHEET AT CLOSING

* GREENIDGE GENERATION - UPON COMPLETION OF MERGER, GREENIDGE’S CEO JEFF KIRT WILL LEAD COMBINED CO AS CEO

* GREENIDGE GENERATION - SUPPORT.COM’S CEO, LANCE ROSENZWEIG, WILL REMAIN IN HIS POSITION AS CEO OF EXISTING SUPPORT.COM BUSINESS

Source: [ID: Further company coverage:

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