On May 1, 2025, Greenidge Generation Holdings Inc. entered into a privately negotiated exchange agreement with a holder of its 8.50% Senior Notes due October 2026, pursuant to which the Company agreed to exchange $5,546,050 in aggregate principal amount of the Notes for cash consideration of $1,925,000 (or 221,842 Notes, each with a $25 principal value) on or before May 16, 2025. In the aggregate, from October 24, 2024 through May 1, 2025, the Company exchanged or agreed to exchange approximately 16.6% of the original $72,200,000 aggregate principal amount of the Notes, totaling $12,014,375 in principal amount (or 480,575 Notes, each with a $25 principal value), for either cash or shares of the Company?s Class A common stock, par value $0.0001 per share (the ?Common Stock?). Solely for illustrative purposes and based on the closing price of the Common Stock on May 6, 2025, the average exchange price across these transactions was approximately $8.03 per Note.
The actual value of each exchange consummated prior to the date of this Current Report on Form 8-K (this ?Form 8-K?), as reflected in the Company?s financial statements, was determined based on (i) the closing price of the Common Stock on the applicable exchange date for exchanges settled in stock or (ii) the cash consideration for exchanges settled in cash.
