Jordan Kovler, the Chief Executive Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), recently acquired 5,000 shares of the company's Class A Common Stock. The transaction, which took place on December 23, 2024, was executed at a price of $1.76 per share, amounting to a total purchase value of $8,800. The purchase comes as the stock trades near its 52-week low of $1.62, having declined nearly 80% over the past year. According to InvestingPro analysis, the stock currently trades below its Fair Value. Following this acquisition, Kovler's direct ownership in Greenidge Generation increased to 60,291 shares. This purchase reflects Kovler's continued investment in the company, which operates in the finance services sector with a focus on crypto assets. With a market capitalization of just $19.79 million and an InvestingPro Financial Health score rated as WEAK, investors should note that the company faces significant challenges, including high debt levels and rapid cash burn. Track insider trading patterns and access 15+ additional ProTips with an InvestingPro subscription.
In other recent news, Greenidge Generation Holdings Inc. has announced several key developments. The company's Board of Directors approved an increase of 700,000 shares in its equity incentive plan, raising the total to 1,583,111 shares of Class A common stock. This move is part of the Second Amended and Restated 2021 Equity Incentive Plan aimed at providing additional incentives to employees and directors.
Greenidge has also received an extension on the suspension of operations at its Dresden, New York facility until November 14, 2024, due to a legal challenge over the denial of the facility's Title V Air Permit renewal. The company reported a significant reduction in SG&A expenses by approximately $9.1 million year-to-date compared to the same period in 2023.
In the cryptocurrency mining sector, Greenidge produced approximately 167 bitcoin in the third quarter, with 54 mined through proprietary operations and 113 for datacenter hosting clients. However, the company reported a net loss from continuing operations of $6.6 million, with an adjusted EBITDA loss of $0.4 million. The company ended the quarter with approximately $11.3 million in cash and digital assets, including 60 bitcoin, and around $69.5 million in debt. These are recent developments.
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