Greenidge seeks to raise up to $22.8 million in stock offer
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Quick Take
- Crypto miner Greenidge Generation seeks to raise up to $22.8 million in a stock offer.
- The company has entered into a sales agreement with B. Riley, a Securities and Exchange Commission (SEC) filing shows.
Crypto miner Greenidge Generation is seeking to raise up to $22.8 million in an at-the-market offering, a U.S. Securities and Exchange Commission (SEC) filing dated Oct. 3 shows.
Greenidge has signed a sales agreement with investment bank B. Riley Securities for the Class A common stock offer. B. Riley will get up to 5% of the gross proceeds from the offer.
"We currently plan to use the net proceeds from this offering, after deducting B. Riley’s commissions and offering expenses payable by us, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness at the time, and funding acquisitions, capital expenditures and working capital," Greenidge wrote in the filing.
Greenidge, which reported second-quarter net losses of $107.9 million, said in August that it would pause its expansion plans in Texas. It cited a "sudden change in mining economics" and said it would focus on its South Carolina and New York locations. The New York Department of Environmental Conservation denied the company's air permit renewal in June.
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AUTHOR
Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.
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