Greenidge Boosts Tender Offer Price, Extends Deadline for Noteholders

Company Overview - Greenidge Generation Holdings Inc. has amended the terms of its concurrent tender and exchange offer for its 8.5% senior notes due 2026, raising the purchase price and extending the deadline to late September [1] - The company will now pay $10.00 plus accrued interest for each $25.00 of principal tendered under the cash purchase option, while eliminating the previously announced early tender premium [2] Financial Details - As of the September 11 withdrawal deadline, $3.97 million of the $44.35 million outstanding notes had been validly tendered under the purchase option, with an additional $1,375 exchanged under the alternative exchange option [3] - Holders who already tendered do not need to take further action to benefit from the revised terms [3] Industry Context - The offer comes as Greenidge continues efforts to restructure its balance sheet amid volatility in the cryptocurrency mining sector, where high debt loads and power-intensive operations have pressured margins [4] - Other U.S.-listed crypto miners have pursued similar debt repurchases or exchanges in recent years to reduce leverage and extend maturities [4] Business Model - Greenidge operates a hybrid model combining natural gas power generation with bitcoin mining, a strategy that has drawn both investor interest and environmental scrutiny [5] - The outcome of this offer will be closely watched as an indicator of investor confidence in the company's financial restructuring and its ability to navigate a capital-intensive business model [5]