Jordan Kovler, the Chief Executive Officer of Greenidge Generation Holdings Inc. (NASDAQ:GREE), recently purchased 5,000 shares of the company's Class A common stock. The shares were acquired at a price of $1.76 each, amounting to a total investment of $8,800. Following this transaction, Kovler now holds a total of 60,291 shares in the company. The purchase comes as GREE trades near its 52-week low of $1.62, with the stock down over 68% in the past year. According to InvestingPro analysis, the company currently appears undervalued. This move reflects Kovler's continued confidence in Greenidge Generation's future prospects, despite the company's significant debt burden of $69.5 million and challenging market conditions. InvestingPro subscribers have access to 14 additional investment tips and comprehensive financial analysis for GREE.
In other recent news, Greenidge Generation Holdings Inc. has reported significant financial and operational developments. The company's Board of Directors approved an expansion of its equity incentive plan by 700,000 shares, increasing the total to 1,583,111 shares of Class A common stock. This move is part of the Second Amended and Restated 2021 Equity Incentive Plan, designed to provide additional incentives to employees and directors.
In addition, Greenidge has been granted an extension on the suspension of operations at its Dresden, New York facility until November 14, 2024, following a legal challenge over the denial of the facility's Title V Air Permit renewal.
Greenidge also reported a reduction in SG&A expenses by approximately $9.1 million year-to-date compared to the same period in 2023. The company produced approximately 167 bitcoin in the third quarter, with 54 mined through proprietary operations and 113 for datacenter hosting clients. However, Greenidge reported a net loss from continuing operations of $6.6 million, with an adjusted EBITDA loss of $0.4 million.
The company ended the quarter with approximately $11.3 million in cash and digital assets, including 60 bitcoin, and around $69.5 million in debt. Looking ahead, Greenidge plans to continue upgrading its miner fleet with newer generation miners, secure additional sites for development, and potentially monetize certain assets. These are recent developments.
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