SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Subsequent events have been evaluated through August 13, 2025, the date at which the condensed consolidated financial statements were available to be issued, and the Company has concluded that no such events or transactions took place that would require disclosure herein except as stated directly below.

Tender/Exchange Offer

On July 21, 2025, the Company announced the expiration and final results of the Tender/Exchange Offer to purchase for cash, or issue New Notes in exchange for, its Senior Notes. Pursuant to the Tender/Exchange Offer, the Company purchased $8.9 million in aggregate principal amount of the Senior Notes for a total of $3.2 million in cash and exchanged $4.8 million aggregate principal amount of the Senior Notes for $2.2 million in aggregate principal amount of the New Notes. Following the conclusion of the Tender/Exchange Offer, the Company had $44.6 million in aggregate principal amount of Senior Notes outstanding and $2.2 million in aggregate principal amount of New Notes outstanding.

Equity Interest Payment

On July 2, 2025, the Company issued an aggregate of 131,937 shares of the Company’s Class A common stock to settle the interest payment obligation for the second quarter of 2025 in connection with the Equity Interest Payment Agreement, a related party transaction approved by the Company’s Board of Directors.

Sale of Mississippi Facility

On August 1, 2025, Greenidge Mississippi LLC, a wholly owned subsidiary of the Company, entered into the APA to sell certain assets comprising the Mississippi Facility, other than the bitcoin miners used in connection with the Mississippi Facility and the adjoining 5.6 acre tract of land with over 73,000 square feet of industrial warehouse space, to US Digital Mining Mississippi LLC, a wholly owned subsidiary of LM Funding America, Inc. (collectively, the “Buyer”), for a purchase price of $3.9 million in cash. The transaction is expected to close on or before September 16, 2025 (such date, the “APA Closing Date”), subject to the satisfaction of customary closing conditions. Pursuant to the terms of the APA, one (1) business day following the execution of the APA, the Buyer was required to deposit into escrow $0.2 million as an earnest money deposit, which is refundable at the Buyer’s discretion during the due diligence period. The due diligence period expires five business days prior to the APA Closing Date. The APA includes customary representations, warranties, and conditions, as well as mutual indemnification obligations for the parties. The Company is assessing potential uses for the retained warehouse space, including a possible sale thereof.