Business
Greenidge Generation Highlights Recent Business Advancements and Reports Financial and Operating Results for the Second Quarter 2025
Recent Public Tender/Exchange Offer Resulted in Significant Debt Reduction, with Cash Tender Offer Oversubscribed by 100% Announces Charles M. Zeynel’s
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\nRecent Public Tender/Exchange Offer Resulted in Significant Debt Reduction, with Cash Tender Offer Oversubscribed by 100%\n\n\nAnnounces Charles M. Zeynel’s Appointment to the Board, Bringing Extensive Expertise in Sustainable Materials, Carbon Removal Technologies and M&A\n\n\n PITTSFORD, N.Y.--(BUSINESS WIRE)--\nGreenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the second quarter ended June 30, 2025 and provided an update on the Company’s growth prospects.\n\n\nRecent Highlights:\n\n\n\nReduced senior unsecured debt due October 2026 to $44.6 million through privately negotiated exchanges and a public tender/exchange offer, representing a 38.2% reduction to date of the original $72.2 million in aggregate principal amount;\n\n\n\nAnnounced appointment of Charles M. Zeynel as an independent director, who brings over four decades of global leadership experience and extensive expertise in sustainable materials, carbon removal technologies and mergers and acquisitions to the Company’s Board of Directors, complementing the previous additions of Kenneth Fearn and Christopher Krug in April 2025;\n\n\n\nImproved efficiency of Greenidge’s current active miner fleet to 23.6 J/TH;\n\n\n\nClosed on purchase of 37-acre site in Mississippi, which is expected to provide access to 44 MW of additional low-cost power by July 2026, and announced sale of the existing 7.5MW Mississippi mining facility;\n\n\n\nProgressing towards the closing of the sale of the Company’s South Carolina property, which is scheduled to occur on or before August 25, 2025;\n\n\n\nContinuing to explore all strategic alternatives to maximize value for all stakeholders including purchasing additional miners to improve fleet efficiency and acquiring additional sites with significant low-cost power capacity;\n\n\n\nReported a 99.6% energy availability rate at Dresden power plant in July, demonstrating best-in-class availability performance to serve the electricity needs of New Yorkers during peak demand summer months; and\n\n\n\nReported no equity sales under the Company’s equity line of credit (“ELOC”) during the second quarter with no current plans to utilize the ELOC to sell shares.\n\n\n\nSecond Quarter 2025 F...