Bitcoin mining company Greenidge Generation Holdings (NASDAQ: GREE) plans to sell $ 50 million worth of five-year bonds.
- The company, which is listed on the Nasdaq, has entered into an agreement with an underwriter to sell 8.5% senior notes valued at $ 50 million due in 2026, according to an SEC filing dated October 8.
- The offer is expected to end today.
- “In addition, the underwriting agreement gives underwriters a 30-day option to purchase up to an additional total of $ 5,200,000 in principal of the bonds from the company,” the filing states.
- Greenidge expects to raise approximately $ 48.25 million from the sale, which will be used to pay off other debt, as well as to fund investments and future acquisitions.
- Earlier this month, the mining company announced that it expected a net loss of $ 16 million to $ 19 million for the quarter ended September 30, at a cost of approximately $ 30 million related to the merger with IT -Support provider is due to Support.com.
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