Support.com (NASDAQ:SPRT) stock is rocketing higher on Monday after announcing a massive merger deal with Greenidge Generation.
The deal between Support.com and Greenidge Generation will have the latter taking over the former. This will allow Greenidge Generation to join the public stock market. It will also have Support.com sticking around as a subsidiary of the company.
With Greenidge Generation taking over, Support.com shareholders will only own 8% of the combined company. The remaining 92% will belong to investors in Greenidge Generation. The deal sets the combined company up to be the first publicly-traded bitcoin mining company with complete ownership of its own power plant.
So we know what the outcome of the deal is, but what do investors need to know about SPRT stock? Let’s take a look below at all the essential details.
- Support.com is a company dedicated to providing customer and technical support solutions to its clients.
- Its specific focus is on helping enterprises switch over to work-from-home settings for their employees.
- The company’s services are supported by its own work-from-home agents that are available 24/7 every day of the year.
- These agents assist customers with setting up devices, including PCs, Mac, Android and iOS, for work from home.
- Those agents also continue to support customers after installation with troubleshooting and other services.
- Support.com offers various different packages depending on the size of the business.
- That includes solutions for enterprise customers, as well as owners of small businesses.
- Support.com was founded in 1997 as Replicase.
- It then changed its name to Tioga Systems the following year.
- The company switched to its current name in 1999 and then changed it again in 2002 to SupportSoft.
- However, it changed back to the Support.com name in 2009 after selling its enterprise software business to Consona Corporation.
- Support.com joined the public market in July 2000 with an IPO of 4.25 million shares.
SPRT stock was up 222.9% as of Monday morning.
Support.com isn’t alone with its merger news as several other companies are moving forward with their own combination plans.
Among the other companies that are preparing for mergers are TPG Pace Beneficial Finance (NYSE:TPGY), Apex Technology Acquisition Corp. (NASDAQ:APXT), and Foley Trasimene Acquisition Corp. II (NYSE:BFT). Interested investors can learn more about these merger plans below.
More Merger News
- TPG Pace Will Keep Climbing Ahead of Its Blockbuster Merger
- Apex Technology Acquisition Looks Pricey, but May Be Attractive Post Merger
- Common Sense Says Stay Clear of Foley Trasimene Acquisition Corp. II
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.