UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
( | ||||||||
(Registrant's telephone number, including area code) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 – Other Events. | ||
On July 24, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release announcing that the Company will be unveiling its proprietary Greenidge Pod X crypto mining infrastructure solution for the first time publicly at the Bitcoin Conference at the Music City Center in Nashville, Tennessee from July 25, 2024 to July 27, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Cautionary Note Regarding Forward-Looking Statements
This report, including Exhibit 99.1 furnished herewith, contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to the Company’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as statements about or relating to or otherwise affected by: the Company’s ability to continue as a going concern for a reasonable period of time; the Company’s ability to successfully maintain its power and hosting arrangements on acceptable terms; fluctuations and volatility in the price of bitcoin and other cryptocurrencies; any failure by the Company to obtain acceptable financing with regard to its growth strategies or operations; the ability to negotiate or execute definitive documentation with respect to potential expansion sites on terms and conditions that are acceptable to the Company; changes in applicable laws, regulations, or permits relating to power generation, environmental laws, cryptocurrency usage and/or cryptocurrency mining; loss of public confidence in, or use cases of, bitcoin and other cryptocurrencies; the potential of cryptocurrency market manipulation; the economics of hosting cryptocurrency miners, including as to variables or factors affecting the cost, efficiency and profitability of the Company’s hosting arrangements; the availability, delivery schedule, and cost of equipment necessary to maintain and grow the Company’s business and operations; and the ability to expand successfully to other facilities, effectively integrate and manage acquired businesses or assets, mine other cryptocurrencies, or otherwise expand the Company’s business. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. All forward-looking statements speak only as of the date of this report, and, unless otherwise required by applicable law, the Company assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated July 24, 2024. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Greenidge Generation Holdings Inc. | |||||
By: | /s/ Jordan Kovler | ||||
Name: | Jordan Kovler | ||||
Title: | Chief Executive Officer | ||||
Date: July 24, 2024
Greenidge to Unveil Pod X Bitcoin Mining Solution at the Bitcoin Conference
Dresden, NY – July 24, 2024 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today announced it will be unveiling its Greenidge Pod X for the first time publicly at the Bitcoin Conference. A model of the Greenidge Pod X will be on display in Booth 937 of the conference’s Exhibit Hall at the Music City Center in Nashville, TN, on July 25-27, 2024.
Launched in June 2024, the Greenidge Pod X is a best-in-class crypto mining infrastructure solution that offers miners an innovative design with optimal temperatures that result in superior uptime and better longevity. Greenidge has already deployed the Pod X at its sites in New York, South Carolina, North Dakota and Mississippi, where it recently took its newest bitcoin mining site from acquisition to miner deployment within just three months by building out the site using the Pod X.
Greenidge CEO Jordan Kovler commented: “The introduction of the Greenidge Pod X marks a significant milestone that not only further differentiates Greenidge from other bitcoin mining companies but also positions us competitively as one of only a few pod manufacturers in the world bringing an innovative mining infrastructure offering to the industry with this level of scale and efficiency. We look forward to growing this unique offering and believe it will further accelerate our continued growth trajectory.”
The Greenidge Pod X is defined by a distinct set of competitive advantages that include:
•High Capital Efficiency: The Pod X has capacity for 792 miners, which is 35% more than other pod manufacturers. It also offers one of the lowest pod and infrastructure $/kW cost ratios in the industry.
•Superior Miner Uptime: The Pod X’s innovative design provides optimal temperatures for miners that result in superior uptime and better longevity. It also features an improved filter design to simplify maintenance.
•Low Decibel Output: Greenidge’s engineered solution features one of the lowest decibel outputs in the market.
•Comprehensive Safety Standards: The Pod X adheres strictly to all National Electrical Code NFPA 70 regulations, ensuring full compliance with Short Circuit and Arc Flash requirements.
•EPCM & Operating Services: Greenidge also provides additional EPCM and operating services to support miner deployments using the Pod X.
For more info on purchasing the Greenidge Pod X for miner deployments, please visit: https://greenidge.com/pod-x.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the period ended March 31, 2023, as well as statements about or relating to or otherwise affected by the completion of management’s final review of the financial results and Greenidge’s other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
Contacts
Investors
Nick Ratti
315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
Longacre Square Partners
Charlotte Kiaie / Kate Sylvester, 646-386-0091
greenidge@longacresquare.com
###
2