Why Support.com Shares Are Up 21% Friday

One of the biggest stock movers Friday is cloud-based support service company Support.com Inc. (NASDAPT). Here’s why shares are up today.

What Happened: In March, Support.com announced a planned merger with Bitcoin BTC/USD miner Greenidge Generation Holdings.

The company provided an update to the merger with a special meeting scheduled on September 10. Shareholders on record as of July 26 are asked to vote on the merger that requires 50% approval to complete the merger.

Support.com shareholders will own 8% of the new company if the merger is approved.

Why It’s Important: Greenidge has a hashrate of 1.1 exahash per second with plans to grow to 2.6 EH/s in 2022. The company will be the first publicly traded Bitcoin mining company with a wholly owned power plant.

Greenidge mined 1,186 Bitcoin in the twelve month period ending February 28. The Bitcoins wee mined at a company cost of $2,869 each.

Support.com is also mentioned as a short squeeze candidate with a reported short interest of 63%.

SRPT shares are the top trending stock on Stocktwits Friday at the time of writing.

Price Action: SRPT shares are up 21% to $9.58 Friday.

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