Shares of Greenidge Generation Holdings saw a significant increase of 10% to $5.22 following the announcement that the company has entered into a securities purchase agreement with Armistice Capital. This agreement includes an initial investment of $6 million, which will provide Greenidge with the necessary long-term capital to support its growth strategy.

Although the stock recently reached a 52-week high of $9.26 on December 27, it has experienced a 21% decline in the past year. However, with this new partnership, Greenidge is confident in its ability to overcome this setback and achieve its objectives.

The investment from Armistice Capital will allow Greenidge to expand into various areas, including low-cost power centers, bitcoin mining, new AI infrastructure/data centers, and initiatives aimed at supporting the growing interest in bitcoin. These strategic moves will position Greenidge as a key player in the evolving technology and energy sectors.

As part of the agreement, Armistice Capital will initially invest $6 million to acquire a combination of 1.3 million shares and pre-funded warrants. These warrants will be priced at $4.76 per share. Additionally, Armistice Capital will receive warrants to purchase an additional 1.3 million shares for $6.62 million or $5.25 per share.

This new collaboration between Greenidge Generation Holdings and Armistice Capital marks an exciting chapter for both companies. With this infusion of capital and strategic investments, Greenidge is well-equipped to pursue its ambitious goals and consolidate its position in the market.

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