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Seeking Alpha 2021-09-15 14:38:29

Greenidge (GREE) stock, formerly Support.com, plunges 50% on debut trading day

Shares of Greenidge (GREE) -55% are trading below $50 on their first day of trading as a new ticker and combined company, less than half of the price indicated by Support.com's close yesterday. The selling pressure on shares of SPRT and now GREE has been relentless since shareholders approved the merger that makes Support.com a subsidiary of the Bitcoin miner, on Friday. Support.com closed at $11.80 yesterday. With the conversion of one SPRT share for 0.115 share of GREE that would translate into GREE trading at more than $102. GREE opened at $57 per share. More than 2.3M shares have changed hands so far. Short interest in SPRT was above 70% going into today. But the change in the shares outstanding with GREE, now 24.24M according to Dow Jones, will change that. Two days ago, Ihor Dusaniwsky tweeted that 7.1M shares of SPRT were shorted, which would put short interest at less

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