Bitcoin mining firm Greenidge Generation Holdings (NASDAQ: GREE) plans to sell $50 million worth of five-year bonds.
The Nasdaq-listed firm has entered into an agreement with an underwriter for the sale of $50 million worth of 8.5% senior notes due 2026, according to an SEC filing dated Oct. 8.The offering is expected to close today.“In addition, the underwriting agreement grants the underwriters a 30-day option to purchase from the company up to an additional $5,200,000 aggregate principal amount of the notes,” the filing said.Greenidge expects to raise around $48.25 million from the sale, which it will use to repay other debts and fund capital expenditure and future acquisitions.Earlier this month, the mining firm announced that for the quarter ended Sept. 30, it expects to post a net loss of $16 million – $19 million, driven by around $30 million of charges associated with its merger with IT support provider Support.com.
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