Christian Mulvihill, the Chief Financial Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), recently sold 723 shares of the company's Class A common stock. The shares were sold at a price of $1.63 each, amounting to a total transaction value of $1,178. Following this transaction, Mulvihill holds 57,522 shares directly. The transaction comes as GREE trades near $1.73, down nearly 58% over the past year. According to InvestingPro analysis, the company currently shows signs of being undervalued, despite facing significant financial challenges with a weak health score.
It's important to note that this sale was conducted to cover tax withholding obligations related to the vesting of certain restricted stock units and was not a discretionary sale by Mulvihill. With the company operating under a significant debt burden and rapidly burning through cash - two of over 15 key insights available on InvestingPro - investors should closely monitor insider transactions and financial metrics.
In other recent news, Greenidge Generation Holdings Inc. has been active in a series of significant developments. The company's Board of Directors approved an expansion of 700,000 shares to 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 the company's employees and directors.
In addition, Greenidge has been granted an extension on the suspension of operations at its Dresden, New York facility until November 14, 2024, following a legal dispute over the denial of the facility's Title V Air Permit renewal. In terms of financial performance, the company reported a reduction in SG&A expenses by approximately $9.1 million year-to-date compared to the same period in 2023.
In the realm of cryptocurrency, 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. Greenidge 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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