Greenidge Generation Announces Commencement of Exchange Offer for Senior Notes Due 2026

About this update from Greenidge Generation Holdings Inc.

Early Exchange Consideration Represents 45% Premium to 60-Day VWAP of the 2026 Notes and Includes Two Shares of Greenidge Class A Common Stock if Tendered by March 25, 2026 Exchange Offer Subject to Minimum Tender Condition of $11 Million or 30% of Currently Outstanding 2026 Notes PITTSFORD, N.Y.--(BUSINESS WIRE)-- Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated power generation company focused on datacenters and infrastructure development, today announced the commencement of an offer to exchange (the “Exchange Offer”) its outstanding 8.50% Senior Notes due 2026 (the “Old Notes”), which trade on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “GREEL.” The Exchange Offer consists of an offer to exchange the Old Notes for a new issue of the Company’s 10.00% Senior Notes due 2030 (the “New Notes”), in an amount equal to $25.00 principal amount of New Notes for each $25.00 principal amount of Old Notes exchanged, provided that if the holder elects to tender for exchange at or prior to 5:00 P.M., New York City time, on Wednesday, March 25, 2026 (the “Early Exchange Date”), then New Notes in an amount equal to $25.00 principal amount of New Notes and two (2) shares of the Company’s Class A Common Stock, $0.0001 par value (“Class A Common Stock”), shall be issued for each $25.00 principal amount of Old Notes exchanged (the “Early Exchange Premium”). As of March 10, 2026, the closing price of the Old Notes was $20.46 per Old Note on the Nasdaq. The Exchange Offer represents a premium of approximately 22.2% to the closing trading price as of March 10, 2026, and a premium of approximately 29.4% to the Old Notes’ 60-day volume weighted average price (“VWAP”) as of March 10, 2026. The Early Exchange Premium (consisting of the New Notes and two (2) shares of Class A Common Stock) represents a premium of approximately 34.8% to the closing trading price as of March 10, 2026, and a premium of approximately 45.0% to the Old Notes’ VWAP as of March 10, 2026. We have submitted an application to list the New Notes on the OTC Markets platform and facilitate trading. However, we cannot provide any assurances that the New Notes will be tradable or that an active trading market will develop for the New Notes or that holders will be able to sell their New Notes. The exchange of at least $11.0 million in princip...

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