Support.com’s Merger with Greenidge Generation Holdings

Pillsbury Winthrop Shaw Pittman LLP advised Support.com on the deal, while Olshan Frome Wolosky LLP advised 210 Capital.

Support.com announced a merger with private equity-backed bitcoin mining company Greenidge Generation Holdings.

Upon the combination, Greenidge will officially go public and expects to be the first publicly traded bitcoin mining company with a wholly-owned power plant.

The merger is conditioned upon Support.com having at least $28 million in cash on its balance sheet at closing. The Pro forma combined company is currently expected to have combined net cash of at least $70 million.

As a condition to Greenidge’s entry into the merger agreement, 210 Capital, LLC acquired approximately 3.9 million shares of Support.com in a private placement. In addition, in connection with the merger agreement, 210 Capital LLC and certain other Support.com shareholders, who together with 210 Capital LLC hold approximately 30% of the outstanding voting stock of Support.com, entered into an agreement with Greenidge to vote such stock in favor of the merger. Following the private placement, Support.com has approximately 23.6 million shares outstanding.

Support.com Inc. provides eBusiness infrastructure software. The Company’s software optimizes, automates, and personalizes user support over the Internet.

The Pillsbury team was led by M&A partner David Ingles (Picture) and included Corporate partner James Masetti, special counsel Brian McKenna, associates Lewis McCorkle and Mediha Ali and senior law clerk Melissa Bales; Tax partner Nora Burke; Antitrust partner Michael Sibarium; Executive Compensation & Benefits partner Cindy Schlaefer and senior law clerk Kevin Meil; Environmental & Natural Resources special counsel Reza Zarghamee; Energy senior associate Sid Fowler and Real Estate associate Zachary Bailey.

Olshan Frome Wolosky LLP advised 210 Capital with Partners Adam Finerman and Jason Saltsberg.

Involved fees earner: Brian McKenna – Debevoise & Plimpton; Adam Finerman – Olshan Frome Wolosky LLP; Jason Saltsberg – Olshan Frome Wolosky LLP; Mediha Ali – Pillsbury Winthrop Shaw Pittman LLP; Zachary Bailey – Pillsbury Winthrop Shaw Pittman LLP; Nora Burke – Pillsbury Winthrop Shaw Pittman LLP; Sidney Fowler – Pillsbury Winthrop Shaw Pittman LLP; David Ingles – Pillsbury Winthrop Shaw Pittman LLP; James Masetti – Pillsbury Winthrop Shaw Pittman LLP; Lewis McCorkle – Pillsbury Winthrop Shaw Pittman LLP; Cindy Schlaefer – Pillsbury Winthrop Shaw Pittman LLP; Michael Sibarium – Pillsbury Winthrop Shaw Pittman LLP; Reza Zarghamee – Pillsbury Winthrop Shaw Pittman LLP;

Law Firms: Debevoise & Plimpton; Olshan Frome Wolosky LLP; Pillsbury Winthrop Shaw Pittman LLP;

Clients: 210 Capital; Support.com;

Author: Martina Bellini