UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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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. | ||
As previously disclosed, on August 15, 2024, Greenidge Generation LLC, a wholly owned subsidiary of Greenidge Generation Holdings Inc. (collectively, the “Company”), filed a verified petition and complaint pursuant to Article 78 of the New York Civil Practice Law and Rules (the “Article 78 Challenge”) against the New York State Department of Environmental Conservation (the “Department”) in the New York Supreme Court, Yates County (the “Court”), seeking declaratory and injunctive relief relating to the Department’s denial of the Company’s Title V Air Permit renewal application (the “Denial”) for the Company’s facility located in Dresden, New York (the “Facility”). On October 29, 2024, a hearing was held before the Court and the Company was permitted to continue operating the Facility pending a decision by the Court by November 14, 2024.
On November 14, 2024, the Court issued a decision (the “Decision”) on the Article 78 Challenge: (i) annulling the Denial and the Department’s order to shut down the Facility; (ii) finding that, in utilizing its authority to issue the Denial, the Department acted in a manner that was both affected by errors of law and arbitrary and capricious; and (iii) remanding the matter to the Department for further proceedings.
On November 14, 2024, the Company issued a press release announcing the Decision and the Company’s ability to continue operating the Facility consistent with the New York State Administrative Procedure Act. 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, 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 the Company’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 report include, among other things, statements regarding the business plan, business strategy and operations of the Company 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 under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this report 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 report. 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 the Company 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 report and, unless otherwise required by applicable law, the Company does not assume any duty to update or revise any forward-looking statements included in this report, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this report.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 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: November 15, 2024
New York Supreme Court Rules for Greenidge Generation
DEC’s Denial of Air Permit Rejected by the Court; Deemed “Arbitrary and Capricious”
Greenidge’s NY Facility to Continue Operations, Providing High-Tech Local Jobs and Power to the Electrical Grid Daily
DEC’s Denial of Air Permit Rejected by the Court; Deemed “Arbitrary and Capricious”
Greenidge’s NY Facility to Continue Operations, Providing High-Tech Local Jobs and Power to the Electrical Grid Daily
Seventh Court Ruling on Greenidge Operations – Seven Decisions in Favor of Greenidge
DRESDEN, NY – November 14, 2024 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, issued the following information and statement regarding the ruling today from New York Supreme Court Judge Vincent Dinolfo rejecting the New York State Department of Environmental Conservation’s (“DEC”) action to deny Greenidge’s application for renewal of a Title V Air Permit. Greenidge’s operations at its New York facility will now continue uninterrupted.
Judge Dinolfo stated in his ruling annulling DEC’s action the following:
●That DEC “acted in a manner that was both affected by errors of law and arbitrary and capricious”;
●The “Final Denial had no rational basis for its decision to forgo CLCPA § 7(2)’s justification analysis”; and
●The State’s “interpretation of the analysis required under CLCPA Section 7(2) is flawed”.
Statement of Greenidge Generation:
“Transparent political bias lost today. Facts and the rule of law won. The ruling ensures our facility will continue operating and our local employees will not have their careers ripped away by politically motivated governmental overreach that had no basis in law from the first day it began.
“The Climate Act is a good and well-intended law, but it did not give DEC political appointees and bureaucrats the power to rewrite a statute and unilaterally decide for themselves the value of working-class New Yorkers’ jobs. They tried hard, in concert with their allies in the advocacy community for whom truth was a bridge too far, but no amount of spin could change that fact.
“The damage caused to our company and employees by the recklessness of the DEC and all those who lied about our operation is real, and today the Court set the record straight – we were right, and the state and its allies were wrong.
“This is the seventh court ruling on Greenidge’s operation – with seven decisions in favor of Greenidge. Why? Because when actual judges rule — not DEC political actors — the facts and law govern, and our record is clear: we comply with state and federal law.
“DEC wanted a virtue-signaling result: to shut down a facility with no material impact on reaching Climate Law goals and one that offered significant emissions mitigation consistent with Climate Act aims. So they tried to short-circuit the process to get to their pre-determined outcome – and they got caught.
“This decision highlights the growing importance of data center operations – whether supporting AI, digital currency, cloud computing, or other high-tech businesses – and how we can bring modern career paths to Upstate New Yorkers, who have waited far too long for the opportunity.
“Our facility shows this region can create future-focused data center jobs and economic activity by utilizing power behind the meter – and provide power to the electrical grid everyday – while also meeting the state’s ambitious climate goals.
“Going forward, we hope the DEC will listen to the Court and begin working collaboratively with Greenidge to finalize a new permit, consistent with the court’s rebuke of the State’s decision and for the benefit of New York State.”
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 September 30, 2024, 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
Media Inquiries
media@greenidge.com
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