Greenidge Generation Holdings Inc. announced a private investment in public equity (PIPE) transaction to raise approximately $39.3 million. The company also filed to change its name to Vulcan Infrastructure and Power Inc., with its Class A common stock expected to trade under the new ticker symbol "VIP" starting July 24, 2026. Proceeds will be used to redeem outstanding senior notes.
Key Details
- Financing: Raised an aggregate of $39.32 million from investors, including Machine Investment Group (MIG), Atlas, Conversant, and certain company executives, through the sale of stock, a convertible note, and a warrant.
- Use of Proceeds: The company intends to use the net proceeds to redeem the remaining ~$33 million of its outstanding 8.50% senior notes due October 2026, with the remainder for general corporate purposes.
- MIG Investment: MIG's $15 million investment includes a $10 million senior secured convertible note with a 10.0% PIK interest rate and a conversion price of $2.1375 per share, plus a three-year warrant to purchase 1.75 million shares at $1.71 per share.
- Corporate & Board Changes: The company is rebranding to Vulcan Infrastructure and Power Inc. (New Ticker: VIP). In connection with the financing, two directors will resign, and the board will be reconstituted to include designees from the new investors.