Bitcoin Miner Greenidge Generation to Sell $ 50 Million Bonds

Bitcoin mining company Greenidge Generation Holdings (NASDAQ: GREE) plans to sell $ 50 million worth of five-year notes.

  • The Nasdaq-listed company has reached an agreement with an underwriter to sell $ 50 million worth of 8.5% senior bonds due 2026, according to a deposit with the United States Securities and Exchange Commission which was dated last Friday.
  • The offer is expected to close today.
  • “In addition, the underwriting agreement grants the underwriters a 30-day option to purchase from the company up to an additional aggregate amount of $ 5,200,000 in principal of the notes,” the record says.
  • Greenidge plans to raise about $ 48.3 million from the sale, which it will use to pay off other debt and fund capital spending and future acquisitions.
  • Earlier this month, the company announced that it expects to record a net loss of $ 16-19 million for the third quarter, which includes a charge of $ 30 million for its merger with the support provider. computer science.

Read more: Greenidge Generation shares jump 30% after analyst sees potential up 200%

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