Greenidge Generation Entered Into Partnership And Share Exchange With Infinite Reality; Announces Launch Of Its New Service Offering, GreenidgeAI; iR Obtaining Shares Valued At $8.33/Share In Exchange For Equivalent Amount Of iR Stock Of $2.5B Valuation
Portfolio Pulse from Benzinga Newsdesk
Greenidge Generation has partnered with Infinite Reality (iR) and launched GreenidgeAI. In the share exchange, iR will receive Greenidge shares valued at $8.33 each, reflecting a $2.5 billion valuation of iR stock. Additionally, both companies have granted each other one-year warrants to purchase more shares at set prices, with proceeds aimed at developing a new datacenter for Greenidge and providing working capital for iR.
December 12, 2023 | 1:48 pm
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Greenidge Generation (GREE) enters a strategic partnership with Infinite Reality, including a share exchange and mutual warrants, which could lead to growth and expansion, particularly with the launch of GreenidgeAI.
The partnership with Infinite Reality and the launch of GreenidgeAI could be seen as positive developments for Greenidge Generation, indicating potential for growth and expansion. The share exchange at a valuation of $2.5 billion for iR stock suggests confidence in the value and prospects of the partnership. The warrants provide an opportunity for additional investment, which could be used to fund the development of a new datacenter, a positive sign for future growth. However, the actual impact on the stock will depend on investor perception of the strategic fit and execution of the new service offering.
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