Greenidge Generation Executes Term Sheet with Secured Lender NYDIG Regarding Debt Renegotiations; Provides Liquidity Update
FAIRFIELD, Conn., Dec. 20, 2022 /PRNewswire/ --
Lender Negotiations Update
Entered into a non-binding term sheet with NYDIG regarding approximately $74 million of debt contemplating the following terms:NYDIG would purchase miners with approximately 2.8 EH/s of mining capacityGreenidge would enter into a hosting agreement with NYDIG for approximately 2.8 EH/s of mining capacity, which would result in a material change to Greenidge's current business strategy and result in Greenidge largely operating miners owned by NYDIG, rather than operating miners owned by GreenidgeGreenidge may transfer certain credits, coupons and additional assets to NYDIG, including mining infrastructure awaiting deplo
