Loan & DebtSep 29, 2026, 05:01 PM
Greenidge Generation Swaps Debt, Issues Warrants
AI Summary
Greenidge Generation Holdings Inc., operating as Vulcan Infrastructure and Power Inc., has entered into an exchange agreement to swap approximately $2.79 million in principal of its 8.50% Senior Notes due 2026 for $2.83 million in principal of its 10.00% Senior Notes due 2030. The exchange also includes three-year warrants to purchase 1 million shares of Class A common stock at an exercise price of $1.87 per share. The transaction is expected to close around October 1, 2026. Holders of the new notes will face certain restrictions on acquiring additional debt and equity, as well as short selling. The company plans to register the warrant shares for resale.
Key Highlights
- Greenidge Generation Holdings Inc. (Vulcan Infrastructure and Power Inc.) exchanged $2.79M in 8.50% Senior Notes due 2026 for $2.83M in 10.00% Senior Notes due 2030.
- The exchange also includes three-year warrants to purchase 1 million shares of Class A common stock at $1.87 per share.
- The company expects the exchange to close on or about October 1, 2026.
- Holders of the new 2030 Notes are restricted from acquiring additional 2026 or 2030 Notes and limited to owning no more than 4.99% of Class A common stock.
- Holders are also restricted from short selling Greenidge's Class A common stock while holding warrants.
- The company will grant holders registration rights for the warrant shares.
- The company intends to treat the exchange as a recapitalization for tax purposes, though this is not certain.
Price Impact
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