Once the deal closes in Q3, SPRT stock will be a full-fledged mining stock. Greenidge stockholders will control 92% and Support.com owners will own 8% of the merged company. As a result, I believe that SPRT stock is deeply undervalued as a mining stock, assuming the deal is approved.
Full Answer
Is SPRT stock worth 53% more after the merger?
· Near the end of August, SPRT stock prices increased by over 400 percent in just a week, which prompted talk of the company becoming a “meme stock.” It remains to be seen how the merger with ...
What does the reverse merger with Greenidge generation mean for SPRT stock?
· After adding back the $70 million in cash and dividing this by 38.863 million shares, SPRT stock will be worth $61.45 per share. This is 52.86% above today’s implied equivalent post-merger price of...
Will SPRT stock be a next-gen bitcoin miner?
· When the merger is complete, SPRT stockholders and option holders will have a combined total of 8% of Greenidge’s common stock. Suddenly, Support.com was a rare mix of a penny stock, a meme trade...
Is SPRT stock the latest target of a short-squeeze?
There is likely to be some changes to final details of the deal due to the large increase in price for SPRT stock as well as the declining value of bitcoin (BTC). This on paper makes support.com...
What happens to my SPRT shares after merger?
After Merger with Support.com, Greenidge Generation Provokes Interest. Remember SPRT stock? That's gone now, but no worries. Tech support specialist Support.com is still here – it's merged with Greenidge Generation (NASDAQ:GREE) and as a result, you can now trade GREE stock instead of SPRT.
What will happen to my SPRT shares?
As a result, trading of the Company Common Stock, which traded under the ticker symbol 'SPRT' on NASDAQ, was suspended after the close of trading on NASDAQ on September 14, 2021." The company said every share of SPRT is "cancelled and extinguished and automatically converted" to the right to 0.115 share of GREE.
What happened with SPRT and GREE?
DRESDEN, N.Y., Sept. 14, 2021 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge" or the "Company"), a vertically integrated bitcoin mining and power generation company, has closed its previously announced merger with Support.com, Inc. ("Support.com") (formerly NASDAQ: SPRT).
Should you sell a stock after a merger?
The best reason to sell is to minimize your risk. The simple fact is that the majority of gains from buyouts are made on the day of the offer. The next several months will likely only reward you with a few percentage points in added return.
Who bought SPRT stock?
Greenidge Generation Holdings IncShares of Support.com Inc. sprt tumbled 16.5% in afternoon trading Friday, after soaring 34.8% over the past two sessions, after the customer and technical support services company said it shareholder approved the deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc.
Is SPRT going to merge?
Support.com (NASDAQ:SPRT) has confirmed that shareholders have voted to approve its merger with Greenidge Generation Holdings. The catalyst that we predicted for SPRT stockholders is finally here.
Should I buy Greenidge stock?
There are currently 1 hold rating and 1 buy rating for the stock. The consensus among Wall Street equities research analysts is that investors should "buy" Greenidge Generation stock.
What will GREE stock open at?
Performance OutlookPrevious Close4.5800Open4.4100Bid4.7700 x 1800Ask4.8600 x 800Day's Range4.3100 - 5.02003 more rows
When did SPRT go public?
July 2000SPRT Stock Pre-Merger Announcement Support.com went public in July 2000. It sold 4.25 million shares at $14 apiece. It got its start in December 1997. “We provide eBusiness infrastructure software that automates, personalizes and enhances user support over the Internet.
Should you sell stock before a merger?
If an investor is lucky enough to own a stock that ends up being acquired for a significant premium, the best course of action may be to sell it. There may be merits to continuing to own the stock after the merger goes through, such as if the competitive position of the combined companies has improved substantially.
Do I have to sell my shares in a takeover?
Should I sell my shares? Of course, there's no guarantee everyone will be on board with a takeover and may consider selling their stock. “There are no hard and fast rules here, as you need to understand what the new investment is and whether it suits you and your portfolio,” advised Cox.
Are acquisitions good for shareholders?
While some transactions translate into an almost immediate boost to shareholder value, some acquisitions, particularly those which are hostile in nature, lead to costs escalating far above initial projections. This means it may take much longer for shareholders to see increased value than originally expected.
A Merger Sparked Its March Rise
In previous months, the stock traded below $5 and was thus a penny stock, which arguably contributed to the March surge. The volume of the stock is indicative of this, as by that point it was an average of less than 150,000. Suddenly, on March 22, the volume surged to 282 million.
Is Its Business Model Shifting or Changing Entirely?
The next day for big news on Support.com is Sep. 10, when the shareholders will meet to approve this pending deal.
SPRT Stock Earnings and Financials
In the second-quarter of 2021, Support.com’s financial results were not encouraging. Total revenue decreased to $8.5 million, a 23% decrease year-over-year.