Support.com Inc. (SPRT) stock prices were down by 9.05% as of the market closing on September 13th, 2021. This brought the price per share down to USD$19.10 at the end of the trading day. Subsequent premarket fluctuations saw the stock dip by 1.99%, bringing it down to USD$18.72.
SPRT Stock’s Pending Merger
September 13th, 2021 saw SPRT stock announce details about its pending merger transaction. The leader in customer and technical support solutions delivered by home-based employees will combine with Greenidge Generation Holdings Inc. the partnering company is a vertically integrated bitcoin mining and power generation company. The companies expect the pending merger to close and come into effect as of the closing of the trading day on September 14th, 2021. The closing is contingent on the satisfaction of all closing conditions listed in the merger agreement. Shares of Greenidge Class A common stock will also begin trading on the Nasdaq Global Select Market as of September 15th, 2021, under the ticker symbol “GREE”.
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Details of the Transaction
Furthermore, the partnering companies also announced the final exchange ratio for the exchange of shares in the pending merger, pursuant to the terms of the merger agreement. Each share of SPRT stock’s common shares issued and outstanding as of the effective time will be cancelled and extinguished. Subject to the terms and conditions of the merger agreement, the shares will automatically be converted into the right to receive 0.115 shares of Greenidge Class A common stock. This will be in addition to cash in lieu of any fractional shares of Greenidge Class A common stock resulting from the calculations.
About SPRT Stock
SPRT stock has an established track record spanning more than 20 years. Over the time, the company has achieved outstanding results for global enterprise clients and top-tier businesses. The company’s proven, omnichannel solutions have been tailored and optimized for the homesourcing environment. This has resulted in industry-leading NPS scores and first-call resolution rates. The company has efficiently met the changing needs of its clients. This was achieved through high scalability, a global network of home-based employees, and secure cloud-based platforms.
Future Outlook for SPRT Stock
The company has had a promising quarter, consolidated by the upcoming merger agreement with Greenidge. SPRT stock is keen to capitalize on the opportunities afforded to it from its foray into the cryptocurrency space. Investors are hopeful that management will be able to establish its presence in the burgeoning market space. This is hoped to facilitate organic and consistent increases in shareholder value over the long term.