Greenidge Generation Announces Commencement of Cash Tender Offer and Exchange Offer for Senior Notes Due 2026

Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced the commencement of two separate concurrent offers (collectively, the “Tender/Exchange Offer” or the “Offer”) to exchange or to purchase, at the election of each holder, its outstanding 8.50% Senior Notes due 2026 (the “Old Notes”), which trade on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “GREEL,” subject to the Cash Payment Limit described below.

The Tender/Exchange Offer consists of the following:

• An offer to exchange (the “Exchange Option”) the Old Notes for a new issue of the Company’s 10.00% Senior Notes due 2030 (the “New Notes”), in an amount equal to $14.85 principal amount of New Notes for each $25.00 principal amount of Old Notes exchanged; and,
• An offer to purchase (the “Tender Option”) the Old Notes for cash, in an amount equal to $10.75 for each $25.00 principal amount of Old Notes tendered, provided that if the holder elects to tender at or prior to 5:00 P.M., New York City time, on Tuesday, October 21, 2025 (the “Early Tender Date”), then cash in the amount equal to $12.50 (the “Early Tender Premium”) for each of the $25.00 principal amount of Old Notes tendered shall be paid. If the cash required to purchase all of the Old Notes tendered under the Tender Option exceeds $3.6 million, Greenidge will accept the Old Notes tendered for purchase on a pro rata basis.

As of October 3, 2025, the closing price of the Old Notes was $10.72 per Old Note on the Nasdaq. The Exchange Option represents a premium of approximately 38.5% to the closing trading price as of October 3, 2025, and a premium of approximately 69.5% to the Old Notes’ 60-day volume weighted average price (“VWAP”) as of October 3, 2025. The Early Tender Date option represents a premium of approximately 16.6% to the closing trading price as of October 3, 2025, and a premium of approximately 42.7% to the Old Notes’ 60-day VWAP as of October 3, 2025. The Tender Option represents a premium of approximately 0.03% to the closing trading price as of October 3, 2025, and a premium of approximately 22.7% to the Old Notes’ 60-day VWAP as of October 3, 2025. However, as disclosed herein, we cannot provide any assurances that the New Notes will be tradable or that an active trading market will develop for the New Notes or that holders will be able to sell their New Notes.