In recent transactions reported to the Securities and Exchange Commission, Christian Mulvihill, the Chief Financial Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), sold 595 shares of the company's Class A common stock. The shares were sold at a price of $2.20 each, totaling approximately $1,309. The transaction comes as GREE shares have declined over 67% year-to-date, with the company facing significant challenges including negative earnings of -$1.39 per share in the last twelve months.
The transaction, dated December 17, 2024, was conducted to cover tax withholding obligations related to the vesting of certain restricted stock units. InvestingPro analysis shows the company currently operates with a significant debt burden and faces cash burn challenges. Following this sale, Mulvihill retains ownership of 58,245 shares in the company. This transaction was not a discretionary sale by Mulvihill, as noted in the filing. According to InvestingPro Fair Value calculations, GREE currently appears fairly valued in the market.
In other recent news, Greenidge Generation Holdings Inc. has announced significant updates in its operations and financial performance. The company's Board of Directors approved an expansion of its equity incentive plan by 700,000 shares, 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 incentivizing the company's employees and directors.
Greenidge's operations at its Dresden, New York facility have been extended until November 14, 2024, following 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. However, the company reported a net loss from continuing operations of $6.6 million, with an adjusted EBITDA loss of $0.4 million. Looking forward, Greenidge plans to continue upgrading its miner fleet with newer generation miners, secure additional sites for development, and potentially monetize certain assets. These are recent developments at Greenidge.
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