Greenidge Generation launches exchange offer for 2026 senior notes

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced an exchange offer for its outstanding 8.50% Senior Notes due 2026, trading under the symbol "GREEL" on Nasdaq.

The company is offering to exchange the existing notes for new 10.00% Senior Notes due 2030 at a 1:1 ratio of $25.00 principal amount. Holders who tender their notes by March 25, 2026, will receive the new notes plus two shares of Greenidge Class A Common Stock as an early exchange premium.

As of March 10, 2026, the old notes closed at $20.46 per note on Nasdaq. The exchange offer represents a 22.2% premium to the closing price and 29.4% premium to the 60-day volume weighted average price. The early exchange consideration provides a 34.8% premium to the closing price and 45% premium to the 60-day volume weighted average price.

The exchange offer requires a minimum tender of $11 million in principal amount of old notes, representing approximately 30% of the $36.7 million in outstanding notes. The offer expires at 5:00 p.m. New York time on April 8, 2026.

Greenidge has applied to list the new notes on the OTC Markets platform but cannot guarantee trading availability or market development. The company stated it may engage in additional transactions to purchase remaining old notes after the exchange offer concludes.

The exchange relies on Section 3(a)(9) of the Securities Act of 1933 for exemption from registration requirements. Accrued interest on tendered notes will be added to the principal amount of new notes or paid in cash if below the face value threshold.

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