Jordan Kofler, CEO of Greenidge Generation Holdings Inc. (NASDAQ:GREE), recently purchased 5,000 shares of the company's Class A common stock. The shares were purchased at $1.76 per share, for a total investment of $8,800. Following this transaction, Kovler now owns a total of 60,291 shares in the company. The purchase comes as GREE trades near its 52-week low of $1.62, with the stock down more than 68% in the past year. according to InvestingPro Analysis, the company currently appears undervalued. The move reflects Kovler's continued confidence in Greenidge Generation's future prospects, despite the company's significant debt load of $69.5 million and difficult market conditions. InvestingPro Subscribers have access to 14 additional investment tips and GREE's comprehensive financial analysis.
In other recent news, Greenidge Generation Holdings Inc. announced… Reported important financial and operational developments. The Company's Board of Directors approved an expansion of its stock incentive plan by 700,000 shares, increasing the total to 1,583,111 shares of Class A common stock. The move is part of the 2021 Amended and Restated Second Stock Incentive Plan, designed to provide additional incentives to employees and directors.
Additionally, Greenidge has been granted an extension to suspend operations at its Dresden, New York, facility until November 14, 2024, following a legal challenge over the denial of renewal of the facility's Title V air permit.
Greenidge also reported a decrease in SG&A expenses of about $9.1 million year-to-date compared to the same period in 2023. The company produced approximately 167 bitcoins in the third quarter, with 54 mined by proprietary operations and 113 for data center hosting customers. However, Greenidge reported a net loss from continuing operations of $6.6 million, with an adjusted EBITDA loss of $0.4 million.
The company ended the quarter with about $11.3 million in cash and digital assets, including 60 bitcoins, and about $69.5 million in debt. Looking to the future, Greenidge plans to continue upgrading its miner fleet with newer generation miners, secure additional sites for development, and potentially monetize certain assets. These are recent developments.
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