Greenidge Generation Announces $6M Investment To Support Ongoing Business Transformation
Portfolio Pulse from Benzinga Newsdesk
Greenidge Generation Holdings Inc. (NASDAQ:GREE) announced a $6M investment from Armistice Capital to support its business transformation and growth strategy. This investment will fund expansion into low-cost power centers, bitcoin mining, EPCM business, new AI infrastructure/data centers, and innovative efforts in bitcoin interest. Greenidge recently reported its first profitable quarter in two years, with favorable preliminary financial results for Q4 2023, including a net income of $1.4M to $2.4M and a significant debt reduction.
February 12, 2024 | 1:06 pm
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Greenidge Generation Holdings Inc. receives a $6M investment from Armistice Capital to support its growth and business transformation, marking a significant step in its expansion and innovation efforts.
The $6M investment from Armistice Capital is a strong vote of confidence in Greenidge's growth strategy and ongoing business transformation. This financial injection is expected to support the company's expansion into new areas such as low-cost power centers and AI infrastructure, which could significantly enhance its market position and operational capabilities. Additionally, the recent report of Greenidge's first profitable quarter in two years and a substantial reduction in debt levels further bolster the positive outlook for the company, likely leading to increased investor interest and potentially a positive impact on its stock price in the short term.
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