begins trading as 'GREE' today after another tumble

Sep. 15, 2021 6:43 AM ETGreenidge Generation Holdings Inc. (GREE)GREEBy: Kim Khan, SA News Editor29 Comments

Financial concept in Coronavirus days.
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  • (NASDAQ:SPRT) has completed its merger with Greenidge Generation (GREE) and will now operate as a subsidiary of Greenidge.
  • The combined company will trade today under the ticker "GREE."
  • The company filed with the SEC after the bell yesterday and "requested that NASDAQ delist the Company Common Stock. As a result, trading of the Company Common Stock, which traded under the ticker symbol 'SPRT' on NASDAQ, was suspended after the close of trading on NASDAQ on September 14, 2021."
  • The company said every share of SPRT is "cancelled and extinguished and automatically converted" to the right to 0.115 share of GREE. That puts the conversion at 1 share of Greenidge (GREE) for about 8.7 shares of (SPRT). Fractional holdings will be converted using cash.
  • SPRT closed down another 38% yesterday to close at $11.80. More than 2.7M shares changed hands in extended-hours trading yesterday, bringing the stock down further, below $11.
  • The stock has lost more than 40% since shareholders approved the merger on Friday.
  • It's down more than 65% from its high of the year, but still up more than 400% year to date.
  • Those hoping for a squeeze have been speculating online that short-sellers would be forced to cover as GREE starts trading, but there was no sign of a move to cover huge short positions, with short interest above 70% at the time of the close of the merger.

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