Benzinga | Mar 22, 2021 06:32AM EDT

Bitcoin Miner Greenidge Generation Holdings Inc. and Support.com, Inc. Announce Merger Agreement

* Greenidge Generation Holdings Inc. ("Greenidge") expects to be the first publicly traded bitcoin mining company with a wholly-owned power plant

* Greenidge expects to achieve calendar year 2021 EBITDA in excess of $50 million and a run rate in excess of $160 million of EBITDA by Q4 20221

* Hashrate of 1.1 exahash per second ("EH/s"), which is expected to grow to 2.6 EH/s in 20222

* Based on its current buildout and expansion expectations, Greenidge expects to have at least 500 megawatts ("MW") of mining capacity by 2025, compared to 19 MW today

* Support.com, Inc. ("Support.com") is expected to provide Greenidge with an estimated $33 million of additional cash. Pro forma for the merger, the combined companies currently have over $70 million of net cash

* Upon completion of merger, Support.com stockholders and optionholders will collectively own approximately 8% of the combined company's common stock and Greenidge stockholders will own approximately 92%

* The merger is expected to close in Q3 2021